Aluminium Prices to Lack Rising Impetus amid Overseas Macro Headwinds and Poor Domestic Fundamentals

SHANGHAI, Feb 27 (SMM) - The fact that aluminum ingot social inventory has not yet entered a destocking cycle diminished the confidence of bulls to a certain extent. Rapidly rising coal prices underpinned aluminum prices. Inventory accumulation overshadowed the positive impact brought about by production cutbacks in Yunnan. In this scenario, aluminum prices may remain rangebound in the short term. Prices of the most-traded SHFE aluminium contract and LME aluminium are likely to move between 18,000-19,000 yuan/mt and $2,320-2,500/mt respectively this week.