SMM Aluminium Market Daily Comment (Apr 17, 2023)

SHANGHAI, Apr 17 (SMM) –On the macro level, market was betting that the US Fed would pause interest rate hike amid growing fears of US economic recession, boosting the aluminium market.

On fundamentals, domestic aluminium supply is growing slowly, and power supply situation in Yunnan deserves close attention. Aluminium ingots maintained the destocking cycle.

In view of mixed macro front and slowing demand growth, aluminium prices should move rangebound in the short term.

Both SHFE and LME aluminium closed with gains last Friday.