Overseas Recession Fears Remain A Major Bearish Factor For Aluminium Prices, But Domestic Consumption Has Shown Resilience

SHANGHAI, Apr 7 (SMM) - The LME will be closed this Friday and next Monday for holidays. Fears of overseas recession is still a potential negative factor, but domestic consumption has shown resilience. From the perspective of inventory, aluminium ingot stocks have been in a downward trend. In terms of downstream sectors, except for the weak performance of aluminium alloy sector, operating rates in the rest of downstream processing sectors are expected to maintain a slight increase in the short term. On the whole, in the absence of disruptions on the supply side, domestic consumption can still give some support to aluminium prices, which are expected to hover sideways in the short term.