yesterday settled down by -0.65% at 206.6 as the U.S. economy is likely to slow down in the second half of this year or even fall into recession, and the impact of bank financial risks persists. Aluminium ingot social inventories across China’s eight major markets stood at 853,000 mt as of April 27, down 53,000 mt from a week ago and 135,000 mt from the same period last year. On fundamentals, this week’s aluminium ingot inventory and aluminium billet inventory both declined. The operating rate of leading aluminium downstream processing companies continued to pick up but may drop after the Labour Day holiday.
The NBS Composite PMI Output Index in China declined to 54.4 in April 2023 from a record high of 57.0 in the previous month. It was also the lowest figure since January, as factory activity contracted following growth in the prior three months due to slack global demand and persistent property weakness. At the same time, the service sector expanded at a softer pace, despite growing for the fourth successive month. The official NBS Manufacturing PMI unexpectedly fell to a four-month low of 49.2 in April of 2023 from 51.9 in March, missing market estimates of 51.4.
Technically market is under fresh selling as the market has witnessed a gain in open interest by 8.73% to settle at 3076 while prices are down -1.35 rupees, now Aluminium is getting support at 205.1 and below same could see a test of 203.6 levels, and resistance is now likely to be seen at 208.5, a move above could see prices testing 210.4.
