According to a report by Bloomberg on Wednesday, China's major aluminum smelters will meet on Thursday to discuss possible cuts in production to cope with falling prices. As one of the underlying base metals, aluminum smelters are also beginning to consider coordinated actions to cut back on excess supply.

However, concerns about China's largest aluminum producer, China's aluminum exports, continue to limit the increase. Last month, the worries weighed on aluminum prices to a minimum of $1,432.50 in six and a half years.

In the report, Commerzbank pointed out that "China's export volume is so large, and it also causes a large excess supply in the global aluminum market, which will make it difficult for aluminum prices to continue to rebound."