SMM Daily Aluminium Market Review (Apr 19, 2023)

SHANGHAI, Apr 19 (SMM) -  Overnight, the most-traded SHFE 2305 aluminium contract opened at 19,030 yuan/mt, and rose to 19,060 yuan/mt before closing at 19,020 yuan/mt, up 150 yuan/mt or 0.79%.

LME aluminium opened at $2,377/mt on Tuesday and closed at $2,439.5/mt, up $26.5/mt or 2.82%.

As the Fed’s interest rate hike seems to be coming to an end, market focus has shifted onto market fundamentals. The aluminium output in China is growing slowly, but aluminium ingot social inventories keep falling.