5 November 2024 – The production data recently published by the Chinese government and an improved demand outlook have caused aluminum prices to rise further. And in Asia, the stock markets showed some significant gains on Tuesday, especially in China.
Aluminum prices rise: Chinese production data improves demand outlook
Aluminum prices in China have risen again today. On the spot markets, aluminum ingot prices rose by more than 1.1% in some cases. Future contracts also continued to rise on the SHFE commodity exchange. The currently most traded contract, SHFE.AL2412, rose by around 1.2%.
Chinese Purchasing Manager Index in the expansion zone in October
After the Chinese government announced last week that the purchasing managers’ index (PMI) had moved back into the expansion zone at 50.1 points in October, prices for the raw material also began to rise further. The improved PMI data also coincides with a continuing shortage of alumina supply. In addition, social inventories of aluminum in China have fallen by more than 12% since the beginning of October.
Strong Asian stock markets
The Chinese stock markets in particular posted some significant gains on Tuesday. The Shanghai CSI 1000 gained almost 3.5%, followed by the Shenzhen Component Index with around 3.2%. The Hang Seng Index in Hong Kong rose by more than 2.1%.
However, other Asian stock indices, such as the Japanese Nikkei 225 (+1.1%) and the Taiwanese TAIEX (+0.62%), were also mostly positive today.
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