Mumbai, 27 May (Commoditiescontrol): Aluminium futures in Shanghai saw an uptick on Monday, driven by a strong rally in key raw material alumina and heightened demand across sectors. The most-traded July aluminium contract on the Shanghai Futures Exchange (SHFE) climbed by 0.4% to 20,960 yuan ($2,894.03) per metric ton.
The London Metal Exchange (LME) was closed on Monday due to a bank holiday, shifting focus to the SHFE market where the alumina contract experienced notable gains last week.
The most-traded SHFE alumina contract surged by 8.3% last week, propelled by speculative trading amid limited supply and rising demand forecasts. On Monday, the July alumina contract increased by 0.7%, reaching 4,106 yuan per ton.
Analysts attribute the firm prices to robust demand, particularly from the rapidly expanding solar and electric vehicle sectors. These industries are significant consumers of aluminium, contributing to the sustained demand and price support.
In other metals trading on the SHFE, copper remained largely unchanged at 83,830 yuan per ton. Nickel edged up by 0.8% to 153,350 yuan, zinc held steady at 24,625 yuan, and lead rose by 0.7% to 18,605 yuan. Meanwhile, tin prices saw a slight decline, falling by 0.4% to 27,370 yuan per ton.
Overall, the aluminium market in Shanghai is benefiting from a combination of strong raw material prices and increased consumption in high-growth sectors, reinforcing positive sentiment and price stability.
(By Commoditiescontrol Bureau: 09820130172)
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