SMM Aluminium Morning Comment (March 8, 2023)

SHANGHAI, Mar 8 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,530 yuan/mt overnight before closing at 18,475 yuan/mt, down 195 yuan/mt or 0.89%. LME aluminium opened at $2,385/mt on Tuesday and closed at $2,347/mt, down $35/mt or 1.47%. 

After aluminium smelters in Yunnan have completed production cuts, the market attention will focus more on the recovery of domestic consumption. Downstream operating rates and orders improved month-on-month, and the market is gradually entering peak season. However, inventory of aluminium ingots remained high. As the macro sentiment tends to be cautious, SHFE aluminium may remain rangebound.