Trump Wields Tariff Stick, Aluminum Industry Chain's Positive Factors Fail to Mask Short-Term Price Downward Pressure [SMM Aluminum Morning Meeting Summary]

게시됨: Apr 3, 2025 09:06

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【SMM Aluminum Morning Meeting Summary: Trump Wields Tariff Stick, Aluminum Industry Chain's Positive Factors Cannot Mask Short-Term Downward Price Pressure】On the macro front, Trump's latest actions undoubtedly added fuel to the already tense global trade situation. His related measures further intensified trade frictions, significantly reducing market risk appetite, and casting a shadow of uncertainty over the entire commodity market. On the fundamentals side, the aluminum industry chain remains predominantly positive, with the seasonal destocking trend of "Golden March and Silver April" becoming more evident. Aluminum ingot inventory continued to decline to around 800,000 mt. End-use consumption, such as in the NEV sector, is steadily growing, and downstream restocking demand has also shown signs of recovery. As the peak consumption season approaches, order volumes and operating rates in most sectors have rebounded, coupled with the ongoing destocking of social inventory of aluminum ingots, providing bottom support for aluminum prices. However, it cannot be ignored that the market faces severe external pressure in the short term. The US's reckless wielding of tariff sticks has once again disrupted market order, bringing heavy downward pressure on aluminum prices. In the current context of high macro uncertainty and rising trade protectionism, aluminum prices are caught in a dilemma of fluctuating downward in the short term. Continued close attention to changes in macro sentiment and the actual release of downstream demand is essential.

데이터 출처 설명: 공개 정보를 제외한 모든 데이터는 SMM이 공개 정보, 시장 커뮤니케이션 및 SMM 내부 데이터베이스 모델을 기반으로 가공한 것입니다. 본 자료는 참고용이며 의사결정 권고를 구성하지 않습니다.

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