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ShreeMetalPrices: Aluminium prices fell as weak demand & recession worries were stoked by U.S. economic data.


As concerns about a recession were heightened by U.S economic statistics, aluminium yesterday declined to 206.35. This could have a negative impact on aluminum’s demand outlook. Due to the “scarring effect” of COVID-19, China’s consumer demand recovery will take some time to take off.

According to People’s Bank of China (PBOC) officials. Who also stated that the central bank will consolidate its financial assistance for the real economy.

The chairman of the PBOC’s monetary policy department, Zou Lan, stated at a news meeting in Beijing that the PBOC anticipates consumer prices inflation to ramp up later this year but that there is no basis for either long-term deflation and inflation in the nation.

The International Aluminium Institute (IAI) reported that in March. The world’s primary aluminium output increased 0.5% year over year to 5.772 million tonnes.

Because international prices are higher, certain Japanese aluminium importers have agreed to pay premiums to international producers in the April–June 2023 quarter that are up to 53% higher than the quarter before. For shipments between April and June, the Japanese customers would pay premiums ranging from $125 to $130 per tonne.

The fourth-largest producing region of aluminium in China, Yunnan, is likely to reduce production due to severe power constraints.

Technically, the market is experiencing new selling as open interest increased by 6.56% to close at 3150 while rates decreased by 0.35 rupees. Currently, aluminium is receiving support at 206.1. And a move below that level could result in a test of 204.9 levels.

Meanwhile, opposition is now probable to be seen at 208.7, and a move above could result in prices testing 210.1.