SMM Aluminium Morning Comment (March 10, 2023)

SHANGHAI, Mar 10 (SMM) -  The most-traded SHFE 2304 aluminium contract opened at 18,475 yuan/mt overnight, with its session high at 18,570 yuan/mt before closing at 18,505 yuan/mt, down 10 yuan/mt or 0.05%. LME aluminium opened at $2,361.5/mt on Thursday and closed at $2,319.5/mt, down $34.5/mt or 1.47%. 

Recently, the Federal Reserve has frequently made hawkish statements, putting the prices of non-ferrous metals under pressure. It is necessary to continue to pay attention to the US inflation data. Downstream operating rates and orders improved month-on-month, and the market is gradually entering peak season. However, persistently high inventory of aluminium ingots will prevent aluminium prices from going up, which may trade rangebound.