Futures market: Overnight, the most-traded SHFE aluminium 2505 contract opened at RMB 20,455 per tonne, with a high of RMB 20,520 per tonne, a low of RMB 20,430 per tonne, and closed at RMB 20,520 per tonne, up RMB 80 per tonne, or 0.39 per cent. Yesterday, LME aluminium opened at USD 2,509 per tonne , with a high of USD 2,510 per tonne , a low of USD 2,485 per tonne , and closed at USD 2,489.5 per tonne , down USD 15 per tonne , or 0.60 per cent.
Macro: (1) On April 2, Eastern Time, Trump announced that the US will set a 10 per cent ‘minimum benchmark tariff’ for all trading partners and impose higher tariffs on several trading partners. Among them, China, the EU, and Japan will be subject to additional tariffs of 34 per cent, 20 per cent, and 24 per cent, respectively; Indonesia, Thailand, Vietnam, and Cambodia will be subject to additional tariffs of 32 per cent, 36 per cent, 46 per cent, and 49 per cent, respectively. Previously, several trading partners have stated that they will take countermeasures in response. (Bearish ★★) (2) Trump stated that the 25 per cent tariff on automobiles will take effect on April 3. (Bearish ★)
Fundamentals: (1) According to SMM statistics, in terms of domestic aluminium billet inventory in two regions, Guangdong aluminium billet inventory was 154,500 tonnes, Wuxi aluminium billet inventory was 41,000 tonnes, totalling 195,500 tonnes, a decrease of 4,700 tonnes MoM. (Bullish ★); (2) On April 2, LME aluminium inventory recorded 458,800 tonnes, a decrease of 75 tonnes from the previous day, a decrease of 0.02 per cent; over the past week, LME aluminium inventory decreased by 14,300 tonnes, a decrease of 3.02 per cent; over the past month, LME aluminium inventory decreased by 58,300 tonnes, a decrease of 11.28 per cent. (Bullish ★)