Aluminum is now stable and the market is buying light
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May 24 08:05:52, 2024
The huge difference between supply and demand in the two places, the current Shanghai and Guangdong aluminum spreads again widened to 400-500 yuan level, the South China Sea is in an extremely low inventory of about 5,000 tons, some middlemen are in embarrassing situation of no goods available. As the use of aluminum is still limited by electricity and other factors, the market is buying light, coupled with aluminum prices slightly lower today, spot aluminum prices down slightly. The transaction range is between yuan/ton. The extremely tight supply led to the rapid growth of copper. The market price broke through the 34,000 yuan/ton mark to 34,400, and the spot premium rose again to the level of 1,000 yuan. Due to the lack of imported copper to supplement the domestic market and the State Reserve’s intention to purchase goods, it is expected that the high price of copper will remain for some time.