SMM Aluminium Morning Comment (Mar 7, 2023)

SHANGHAI, Mar 7 (SMM) - The most-traded SHFE 2304 aluminium contract opened at 18,540 yuan/mt overnight before closing at 18,700 yuan/mt, up 40 yuan/mt or 0.21%. LME aluminium opened at $2,398/mt on Monday and closed at $2,389/mt, down $16/mt or 0.67%. 

Overseas macro factors continued to put downward pressure on commodities. After aluminium smelters in Yunnan complete production cuts, the market attention will focus more on the recovery of domestic consumption. It remains to be seen when the seasonal destocking will begin. In view of expectations for stimulus policies during the “Two Sessions” and high inventory of aluminium ingots, SHFE aluminium prices move rangebound.