SMM Aluminium Price Forecast (Apr 10, 2023)

SHANGHAI, Apr 10 (SMM) – On the macro level, although US non-farm payrolls released last Friday night dropped, unemployment rate data showed that the labour market was resilient, intensifying expectations for the Fed to raise interest rates. The domestic aluminium supply is estimated to maintain an upward trend in the second quarter. How the power supply situation in Yunnan will evolve deserves close attention. SMM predicts that the operating aluminium capacity in Yunnan will barely change in the foreseeable future. The demand is still expected to pick up, and aluminium ingot inventory is expected to maintain destocking cycle. With supply and demand both increasing, aluminium prices may fluctuate rangebound.