2024-05-06 Source: Yangtze Nonferrous Metals Network Publisher: tongwj
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oday, The Shanghai aluminium market opened low but moved higher, with significant gains in the afternoon. The U.S. April non-farm employment data was far below expectations, which rekindled market expectations for the Fed to cut interest rates this year, thus boosting risk appetite. On the supply side, there are expectations of increased output in May, and the pressure of stock accumulation over the holiday period, which may pose a risk of a high-level correction for Shanghai aluminium in the short term. However, during the holiday period, the RMB has continuously strengthened for three days, which has made domestic Shanghai aluminium more resilient compared to London aluminium. Meanwhile, the domestic macro environment continues to improve, and aluminium ingot inventories remain at historically low levels, providing support for prices, making Shanghai aluminium tend to run strong.
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