According to Shanghai Metal Market, the aluminium spot price in China has gone up the graph by RMB 70 per tonne, officially closing at RMB 18,570 per tonne today, June 28. The average aluminium price trends are between RMB 18,550 per tonne and RMB 18,590 per tonne.

Aluminium prices rose by 1.41% to 198.3 due to slow production resumption in some regions. Heavy rainfall in Yunnan delayed production resumption until mid to late July. Domestic inventory is decreasing while LME inventory remains stable, leading to a boost in aluminium prices. S&P Global lowered its 2023 GDP growth forecast for China due to weak confidence and a cloud over the property market. Open interest dropped by -10.81% to settle at 3513 while prices rose 2.75 rupees, with support at 197.1 and resistance likely at 199.3.