Global Aluminum Faces Deficit, Copper Sees Oversupply in March 2026: WBMS Report

General Administration of Customs data showed that aluminum scrap imports in May 2026 stood at approximately 152,000 mt, down 11.1% MoM from 171,000 mt in April and also below the 160,000 mt recorded in May 2025, initially establishing a pullback trend in imports this year.

[SMM Aluminum Alloy Daily Review] Futures side, the aluminum 2608 contract opened at 23,495 yuan/mt today, and after rising to an intraday high of 23,655 yuan/mt, bulls quickly exited, sending prices into a one-way decline. The market remained under pressure through the session without any notable rebound, and fell to a low of 23,200 yuan/mt before closing at that level by the morning close, a daily drop of 1.17%, or down 345 yuan/mt from the settlement price. Spot side, the ADC12 market overall maintained a steady trend today, with SMM ADC12 standing flat from the previous trading day at 24,100 yuan/mt. In the absence of fresh bullish or bearish drivers, enterprises generally adopted a wait-and-see approach, prioritizing selling at stable prices. It is expected that ADC12 prices will cont