China’s aluminum prices rebound and test levels above key resistance threshold

SHFE two-month aluminum prices closed the overnight session up 0.2% at 13,630 yuan per mton ($1,752 per mton, excluding VAT) and extended their gains in after-hours trading to test a one-week intraday high of 13,710 yuan per mton ($1,762 per mton, excluding VAT). Prices rallied along with the Shanghai base metal complex, domestic equity prices, and China’s yuan amid an apparent upbeat sentiment toward demand after China’s chief of statistics reportedly said that the “Chinese economy has achieved a good start.”

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