Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed
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Update time : 2025-02-25 16:48:53
Futures Market: Overnight, the most-traded SHFE aluminium 2504 contract opened at RMB 20,670 per tonne, hit a high of RMB 20,730 per tonne, a low of RMB 20,590 per tonne, and closed at RMB 20,600 per tonne, down RMB 135 per tonne or 0.65 per cent. Yesterday, LME aluminium opened at USD 2,677 per tonne, reached a high of USD 2,679 per tonne, a low of USD 2,641 per tonne, and closed at USD 2,652.5 per tonne, down USD 23 per tonne or 0.86 per cent.
Macro: (1) Russian President Vladimir Putin stated that Russia does not oppose Ukraine retaining its statehood, but its territory should not be used as a hostile base against Russia. He also revealed that Russia and the US could agree on a 50 per cent reduction in armaments. Putin further mentioned that companies from both countries have started discussing cooperative projects, and Russia plans to resume aluminium product exports to the US, with an export volume of 2 million mt, which would help stabilise the product's price.
