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SMM Aluminium Morning Comment (Mar 14, 2023)

iconMar 14, 2023 09:26
Source:SMM
SHANGHAI, Mar 14 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,270 yuan/mt overnight, and rose above 18,300 yuan/mt before closing at 18,310 yuan/mt, down 125 yuan/mt 0.68%.

SHANGHAI, Mar 14 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,270 yuan/mt overnight, and rose above 18,300 yuan/mt before closing at 18,310 yuan/mt, down 125 yuan/mt 0.68%.

LME aluminium opened at $2310/mt on Monday and fell to $2,275/mt before closing at $2,320/mt, up 0.59%.

The recent bankruptcy of Silicon Valley Bank in the United States has lowered market expectations for the Fed to raise interest rates. From a macro perspective, the prices of non-ferrous metals that were under pressure due to interest rate hike expectations may rally slightly, but macro liquidity risks still deserve close attention. In terms of fundamentals, supply was suppressed, while demand was slowly recovering. Aluminium ingot social inventory began to fall, which will support aluminium prices. Decline in smelters’ costs will be limited. In this context, aluminium prices may remain rangebound.

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