Aluminum posted a strong performance, rising 2.42% to 203.1 points, on optimism of further stimulus in top metals consumer China. China and the government have promised to inject more funds into the capital market to stabilize confidence, potentially mobilizing around 2 trillion yuan to support the stock market slump. According to a report by the International Aluminum Institute (IAI), world primary aluminum production increased 2.1% year-on-year to 6.041 million tons in December. However, China’s economic growth was lower than expected and sales in the real estate sector continued to decline.
Federal Reserve policymakers defied market expectations for several rate cuts, supporting the US dollar. China’s aluminum imports rose 28 percent to 3.06 million tons of unwrought aluminum and products in 2023. In the data from the Customs Administration, strong demand and higher prices were highlighted as the driving force behind the increase in deliveries. to the world and the largest aluminum consumer markets. China and primary aluminum consumption will grow by 3.9% to 42.5 million tons in 2023, driven by increasing demand from the solar and automotive industries.
Technically, there is fresh buying in the aluminum market, which is marked by a 1.93% increase to 3175 and a gain of 4.8 rupees..
