Aluminum prices fell on the 23rd

On April 23rd, aluminum prices fell. According to the Commodity Market Analysis System of Business Society, the average price of domestic aluminum ingots in the East China market on April 23, 2024 was 20280 yuan/ton, a decrease of 2.06% compared to yesterday’s average market price of 20706.67 yuan/ton.

Fundamental changes are not significant, and macro sentiment dominates recent fluctuations in aluminum prices

At present, the fundamentals have not changed much, and macro sentiment has dominated the recent fluctuations in aluminum prices. Today, the precious metals and non-ferrous sectors led the decline, with tin prices plummeting. Precious metals such as silver and gold also experienced a simultaneous high diving, resulting in poor market sentiment. Aluminum prices have been affected by the capital market and have followed a decline.

The significant changes in prices are mainly due to the loosening of macro news support factors in the early stage of the non-ferrous sector, coupled with high prices, leading to a surge in demand for profit taking in the capital market. The specific reasons are as follows:

1. The geopolitical tension is gradually easing, and the market’s risk aversion is cooling down;

2. The repeated postponements of interest rate cuts by the Federal Reserve have made the market realize that there are variables in the expected rate cuts, and the tolerance for macro news to fall short of expectations has decreased;

3. The demand for profit taking in speculative markets has significantly increased, and the selling pressure on non-ferrous metals has increased.