Simmering Macro Uncertainty to Keep Aluminium Prices Rangebound

SHANGHAI, Apr 4 (SMM) - Output cuts by OPEC+ will boost the short-term oil prices. Amid the rebound in energy prices, countermeasures by the US are also crucial. The tug-of-war between longs and shorts will escalate amid supply disruptions, inflation expectations, and recession fears. If the US Fed continues to raise interest rates, this will pose threat to aluminium prices in the long run. However, if interest rate hike slows down and energy prices rise, aluminium prices will be supported. Given variables on the macro front and the fact that downstream consumption has not exceeded market expectations, aluminium prices will move rangebound.