Overnight, aluminum prices in the outer market first suppressed and then rose, and the weakening US dollar index stimulated a rebound in prices. However, the banking crisis is still fermenting, suppressing the extent of price rebound. The LME three month aluminum price rose 0.26% to $2284 per ton. The domestic night market opened high and fluctuated, with the main 2305 contract closing above 18095 yuan/ton. The early trading period in the morning spot market was relatively good, and downstream purchases were made on demand. Holders were active in shipping, and normal circulation between traders occurred. However, the trading volume decreased in the later stage. The transactions in the South China market are better than those in East China. The mainstream transaction price in Shanghai is around 18240 yuan/ton, which is around a 50% discount compared to futures. The mainstream transaction price in Guangdong is 18410 yuan/ton. The overall fundamentals of the current aluminum market are improving, with improved consumption and limited production. Even with an increase in imports, inventory is still accelerating to be depleted. Positive fundamentals have strong support below prices. The market is still heavily influenced by external macro factors in the short term, and the performance is mostly cautious. Short term aluminum prices may experience a restorative rebound, but the strength of the rebound is temporarily limited.。
