Aluminium Ingot Social Inventory Up 90,000 mt on Week

SMM China lead ingot inventory across five major markets totalled 99,800 mt as of Friday April 8, up 400 mt from last Friday April 1 and 500 mt from Wednesday April 6.

The total inventory of HRC across social warehouses and steel makers in China stood at 3.58 million mt as of April 7, up 28,300 mt or 0.8% on the week, a decrease of 0.39% on the year.

Shanghai base metals all closed with gains in the overnight trading amid surging energy prices, and their counterparts on LME performed similarly on Wednesday.

Shanghai nonferrous metals closed mixed. Risk aversion sentiment was still high in light of sanctions from US and European counties on Russia. Nonetheless, it is specially pointed out by US officials that Russia’s oil and natural gas exports will be unaffected, easing the market sentiment to some extent.

Shanghai nonferrous metals closed mixed amid heightening US rate hike expectations on the back of a 40-high US CPI as well as the better-than-expected China economic readings including China RMB loans and M2 money supplies.

Shanghai base metals mostly closed with gains on Thursday night. LME metals performed similarly on Thursday.

LME aluminium demonstrated a V-shaped chart during the Chinese New Year (CNY). Aluminium prices were suppressed by sluggish consumption in China and falling natural gas prices in the Europe.

According to the Media, the premiums of liquid aluminium scheduled to be shipped to the Japan in January-March have been settled at US$177/mt, down 20% from the previous quarter, mainly because the local spot premiums and overseas prices were both subdued.

SMM data showed that China's social inventories of aluminium across eight consumption areas dropped 23,000 mt on the week to 776,000 mt as of January 6.

Shanghai base metals mostly trended lower on Thursday morning after the Fed released hawkish signals. Meanwhile, their counterparts on LME performed similarly.