Analysis
August 11, 2023
CRU Aluminum: The LME Rollercoaster
Written by Stephen Williamson
The LME aluminum 3-month price began the week moving higher to over $2,200 per metric ton but turned sharply lower on Friday and was last traded near $2,185 per metric ton. This week’s volatility indicates that the support at $2,200 per metric ton is tentative at best and could signal a quick slide as physical demand is absent from the market.
Meanwhile in China, the SHFE aluminum prices have also made noticeable gains in mid-month trading, showing that the technical support is way above RMB18,000 per metric ton. The cash contract settled at RMB18,540 per metric ton and last traded at RMB18,485 per metric ton as China looks to bolster its economic forecast.
