Aluminum prices slightly rebounded on November 8th

According to the Commodity Market Analysis System of SunSirs, the average price of domestic aluminum ingots in the East China market on November 8, 2023 was 19,240 RMB/ton, an increase of 0.33% compared to the aluminum price of 19,176.67 RMB/ton at the beginning of the month (November 1).

In the long term, the current price is in a sideways range after a high decline. Since May, the price has been fluctuating below 19,000 RMB/ton, breaking through 19,000 RMB/ton at the end of August. In September, aluminum prices first fell and then rose, and in October, the center of gravity of aluminum prices returned to around 19,000 RMB/ton.

Market outlook

At present, electrolytic aluminum production enterprises mainly maintain stable production and have a large operating capacity. Currently, aluminum ingot inventory has accumulated after savings. The current supply of aluminum ingots is sufficient, which has suppressed the price of aluminum. However, the demand in the downstream peak season has partially fulfilled, with strong cost support and narrowed downward space. There is an expected increase in production cuts in the near future. Aluminum prices may fluctuate to be stronger in November.

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