SMM Aluminium Daily Comment and Forecast (Apr 13, 2023)

SHANGHAI, Apr 13 (SMM) - Overnight, the most-traded SHFE 2305 aluminium contract opened at 18,440 yuan/mt, with its lowest and highest at 18,415 yuan/mt and 18,505 yuan/mt before closing at 18,480 yuan/mt, up 40 yuan/mt or 0.22%.

LME aluminium opened at $2,306.5/mt on Wednesday, with its high and low at $2,333/mt and $2,290.5/mt respectively before closing at $2,324/mt, an increase of $21/mt or 0.91%.

The US inflation data was lower than expected, thus expectations for interest rate hike in May weakened. This sent the US dollar index lower, boosting base metals. The domestic aluminium supply maintained a small increase, while downstream demand is recovering slowly. On the whole, the short-term aluminium market is intertwined with positive and negative factors, which may keep aluminium prices rangebound. It is necessary to continue to pay attention to the power supply situation in Yunnan, inventory changes, and whether the Federal Reserve will raise interest rate.