April Global Aluminum Market Review: Divergent Domestic and International Trends with Significant Differences in Spot Structure [SMM Analysis]
In April, the global aluminum market exhibited a core pattern of LME outperforming SHFE with divergent trends. The most-traded SHFE aluminum contract fluctuated at highs before pulling back, while LME aluminum maintained strength supported by low inventory and geopolitical factors, with both experiencing slight corrections at month-end. This month's market-driving logic revolved around macro policies, geopolitical conflicts, supply and demand fundamentals, and inventory structure, with core indicator trends further highlighting the differences in supply-demand imbalances between aluminum markets in and outside China.