SHANGHAI, Mar 24 (SMM) – On the macro level, U.S. Treasury Secretary Yellen changed her words, saying that "some additional policy tightening may be appropriate." The market interpreted this as the Fed hinting it may end raising interest rates soon, thus metals prices generally rose overnight.
On the fundamentals, the resumption of production by aluminum smelters in Sichuan, Guizhou and other places has led to a slight recovery on the supply side. Downstream consumption continued to pick up, driving domestic aluminum ingot social inventory to fall rapidly.
The short-term aluminum prices may rally slightly, driven by improving fundamentals and macro sentiment.
