Pay Attention to Macro Data amid Falling SHFE and LME Aluminium Prices

SHANGHAI, Apr 12 (SMM) - Overnight, the most-traded SHFE 2305 aluminium contract opened at 18,415 yuan/mt, with the highest price of 18,485 yuan/mt and the lowest price of 18,375 yuan/mt, and closed at 18,420 yuan/mt, down 45 yuan/mt or 0.24% from the previous trading day. LME aluminium prices opened at $2,337.5/mt with the highest point of $2,344/mt and the lowest point of $2,296/mt, and finally closed at $2,303/mt, a decrease of $37/mt or 1.58% from the previous trading day.

On the macro front, as the US inflation data is to be released, the market expects the Fed to raise interest rates. On the fundamentals, in the second quarter of 2023, domestic aluminium supply continues to rise slowly and the demand also gradually recovers. As such, aluminium ingots inventory continues to decline and the short-term aluminium prices may remain volatile. It is necessary to continue to pay attention to the power supply in Yunnan and the Fed’s interest rate hikes.