China’s aluminum prices climb toward the upper end of their current trading range

SHFE two-month aluminum prices closed the overnight session up 0.1% at 13,695 yuan per mton ($1,759 per mton, excluding VAT) and extended their gains in after-hours trading to test a one-week intraday high of 13,780 yuan per mton ($1,770 per mton, excluding VAT). Prices increased along with the Shanghai base metals complex, domestic equities, and China’s yuan (appreciating against the USD) on market talk about progressing/constructive talks between the US and China. Prices approached the upper end of their trading range (13,600–13,800 yuan per mton or $1,745–$1,770 per mton, excluding VAT).

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