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Aluminium prices advanced by 0.34% yesterday, closing at 236.8, driven by supply concerns stemming from sanctions imposed on Russian metals by Washington and London. Moves to prohibit the London Metal Exchange (LME) and Chicago Mercantile Exchange (CME) from accepting new Russia-made aluminium, copper, and nickel contributed to market adaptation and heightened supply worries.
Investor notifications to remove metal from LME-registered warehouses further depleted available aluminium stocks, reaching their lowest level since August 2022 at 171,200 tonnes. China's robust import figures provided additional support, with unwrought aluminium and products witnessing a substantial 89.8% jump in March, totalling 380,000 metric tonnes.
This surge continued into the first quarter, totalling 1.1 million tonnes, up 92.3% from the previous year. Concurrently, China's primary aluminium output in March rose by 7.4% year-on-year, fueled by increased demand and industry profitability driven by rising metal prices. The expansion of China's manufacturing activity for the first time in six months further bolstered demand for aluminium, widely utilized in the automotive, housing, and packaging sectors.
Technically, the aluminium market experienced fresh buying, with open interest surging by 9.69% to settle at 3802, coupled with a price increase of ₹0.8. Presently, aluminium finds support at 235.5, with a potential downside to 234.2, while resistance levels are observed at 238.7, with a breakthrough potentially leading to a test of 240.6. Investors are likely to monitor further developments in supply dynamics and demand-side indicators for insights into future price movements in the aluminium market.
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