SHANGHAI, Mar 10 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,475 yuan/mt overnight, with its session high at 18,570 yuan/mt before closing at 18,505 yuan/mt, down 10 yuan/mt or 0.05%. LME aluminium opened at $2,361.5/mt on Thursday and closed at $2,319.5/mt, down $34.5/mt or 1.47%.
Recently, the Federal Reserve has frequently made hawkish statements, putting the prices of non-ferrous metals under pressure. It is necessary to continue to pay attention to the US inflation data. Downstream operating rates and orders improved month-on-month, and the market is gradually entering peak season. However, persistently high inventory of aluminium ingots will prevent aluminium prices from going up, which may trade rangebound.
For queries, please contact Michael Jiang at firstname.lastname@example.org
For more information on how to access our research reports, please email email@example.com