Primary Market Developments: Chinese closures support LME 3-month price

摘要

The LME 3-month aluminium price recovered ground lostduring June and increased by 1.5% m-o-m to average $1,921/tin July. The average SHFE cash price was also up over thesame interval by 3.7% m-o-m to RMB14,220/t. Support mainlycame from the continued progression of the Chinesegovernment’s aluminium supply-side reform policy, whichbuoyed investor sentiment towards the aluminium market.