Aluminium: Exports and speculative longs increase – ING
ING strategists Warren Patterson and Ewa Manthey highlight that Chinese unwrought Aluminium and product exports rose strongly in May to the highest level since November 2024, helped by overseas demand after Middle East disruptions. They also note that CFTC (Commodity Futures Trading Commission) data show an increase in net long Aluminium positions, driven by declines in both longs and shorts.
China exports and CFTC data
"On the export side, shipments of unwrought aluminium and products rose 15.5% YoY to 632.4kt."
"This is the highest since November 2024, as producers responded to stronger overseas demand following supply disruptions from the Middle East."
"Aluminium net longs rose by 4,874 lots to 85,964, driven by a sharper drop in both long and short positions."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Euro gives back its bounce as French bonds sell off again
Litecoin price falls 4% to $66 as derivatives activity spikes
Federal Reserve meeting minutes turn "hawkish"! Most officials support another rate hike this year, US dollar continues to rise
The latest minutes released by the Federal Reserve show that all 19 officials support a rate hike in September, and most participants believe that further interest rate increases may still be needed before the end of the year.
High yields on US Treasuries start attracting buyers; $39 billion 10-year Treasury auction sees strong demand as long-end yields give back gains
U.S. Treasury bonds showed mixed performance on Wednesday after a $39 billion 10-year Treasury auction saw strong demand, indicating that as yields reach multi-decade highs, some major investors are starting to re-enter the market.
Crypto prices
More
