Aluminium price rises 0.74% to $3,076.8 as China’s September manufacturing PMI returns to expansion

Aluminium prices recorded another gain on October 30, extending their late-month recovery as improving Chinese industrial indicators provided a supportive backdrop for the non-ferrous metals market. The latest movement comes amid a mixed demand environment, with stronger manufacturing activity and higher primary aluminium production in China contrasting with a broader slowdown in downstream purchasing.

The benchmark aluminium quote reached USD 3,076.8, supported by a positive trading session. However, the recovery remains incomplete, with prices yet to return to the higher levels recorded earlier in the autumn.

Aluminium rebounds from its late-October decline

The daily price chart indicates a prolonged decline through June, followed by relatively stable trading and intermittent recoveries during August and September. However, those gains lost momentum as the market entered October.

The latest trading sessions show aluminium recovering from its late-month low. Despite the improvement, the metal has not regained its earlier September trading range, suggesting that the current upward movement remains part of a broader, uneven price recovery.

The October 30 session opened at USD 3,064.1, with prices moving between USD 3,054.1 and USD 3,088.8 before settling at the latest quoted level.

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China's manufacturing activity offers industrial context

China remains central to the aluminium market outlook because of its position as a major producer and consumer of the metal.

The country's official manufacturing Purchasing Managers' Index (PMI) improved to 50.1 in September, compared with 49.8 in August, indicating a return to expansion. Meanwhile, primary aluminium production increased by 3.1 per cent Year-on-Year during September, reflecting continued growth in domestic supply.

However, the manufacturing picture requires a more recent qualification. China's National Bureau of Statistics subsequently reported that the manufacturing PMI slipped to 49.3 in October, indicating a return to contraction. The latest reading points to weaker factory activity and softer new orders, tempering the optimism generated by September's improvement.

Australian inflation adds to the macroeconomic picture

Beyond developments in China, Australia's latest inflation figures provide another economic indicator for investors following the resources sector.

The Australian Bureau of Statistics reported that annual consumer price inflation increased to 4.3 per cent in September, compared with 4 per cent in August. The acceleration highlights continued inflationary pressure in the Australian economy.

Although this development does not establish a direct connection with aluminium's daily price movement, it adds to the wider macroeconomic environment influencing commodity-market sentiment.

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