SHANGHAI, Mar 21 (SMM) - Overnight, the most-traded SHFE 2304 aluminium contract opened at 18,200 yuan/mt, with its lowest and highest at 18,125 yuan/mt and 18,240 yuan/mt before closing at 18,170 yuan/mt, up 130 yuan/mt or 0.72%. LME aluminium opened at $2,284.5/mt on Monday, with its high and low at $2,300/mt and $2,254/mt respectively before closing at $2,284/mt, an increase of $6/mt or 0.26%.
On the macro level, the liquidity crisis brought about by overseas banks has not been alleviated. There are many macro uncertainties, triggering strong risk aversion sentiment. On the fundamentals, the domestic supply side has recovered slightly. The improvement in downstream consumption has driven the rapid destocking of aluminium ingot stocks. The fundamentals are well supported. The short-term aluminium prices will trade rangebound amid macro uncertainty.
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