China's aluminum prices find support from expectations of new stimulus to prop up demand.
SHFE two-month aluminum prices closed the overnight session virtually unchanged at 13,710 yuan per mton ($1,762 per mton, excluding VAT). In intraday terms, prices regained some ground after nearly testing a one-week low amid new government measures (incl. tax cuts and credit stimulus) to incentivize domestic demand; however, they faced some resistance as China officially downgraded its 2019 GDP target. SHFE aluminum prices remain unable to confirm a new short-term upward trend target of 14,000 yuan per mton ($1,800 per mton, excluding VAT).