SHANGHAI, Mar 3 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,600 yuan/mt overnight and closed at 18,605 yuan/mt, down 60 yuan/mt or 0.32%. LME aluminium opened at $2,441.5/mt on Thursday and closed at $2,395.5/mt, down $48.5/mt or 1.98%.
On the macro level, driven by strong US job market data, the US dollar index strengthened, putting pressure on the metals market. In terms of fundamentals, aluminium smelters in Yunnan have completed their production reduction, while the resumption of aluminium production in Sichuan, Guizhou and other places is relatively slow, thus the pressure on the short-term supply side has eased. The pace of accumulation of aluminium ingots has slowed down during the week. On the demand side, the operating rates of aluminium processing enterprises has risen steadily amid consumption recovery, but the overall increase was limited. It is necessary to continue to pay attention to the impact of interest rate hikes, the pace of demand recovery, and the trend of inventory changes. In the short term, aluminium prices will remain rangebound.
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