The aluminium front month contract on the SHFE
touched a fresh one-month high of 12,110 yuan ($1,714.50) per tonne on April 16, up by 150 yuan per tonne from Wednesday’s close at 11,960 yuan per tonne. This followed an increase of 180 yuan per tonne the day prior, supported by better-than-expected Chinese aluminium products export data released on the same day.
China exported 518,593 tonnes of unwrought aluminium and aluminium products in March 2020
. While this was down 5% from the same period last year, it improved significantly from a 25.3% annual decline in January and February, surprising market participants with its rapid recovery from the negative impact of Covid-19 before.
“China’s export data for aluminium products in March was so strong, which lifted market sentiment on the SHFE and boosted aluminium prices for near-term contracts,” an aluminium analyst in...