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Jinyuan Futures: Aluminum Price Remains Volatile as Low Inventory and Supply Pressure Coexist

Holly by Holly
17/08/2023
in USD, News
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According to analysis from Jinyuan Futures, on the macroeconomic front, the Federal Reserve meeting minutes suggest that inflation risks might necessitate further tightening of policy. Two Fed officials lean toward maintaining stable rates in July.

A majority of Fed officials perceive “significant” upward inflation risks.

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Several participants cautioned about the risk of an unexpectedly aggressive policy tightening, while some attendees deemed economic risks to be more balanced.

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In terms of industry news, a widespread power outage occurred in Brazil on August 15, affecting aluminum smelters and alumina refineries in the northern part of the country. The Brazilian Alumar company, a subsidiary of U.S. Aluminum Corporation, was also impacted.

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A spokesperson stated that they are assessing the impact of the power outage on alumina refineries and aluminum smelters with the aim of restoring production to normalcy as swiftly as possible.

With low inventory and a slight uptick in downstream aluminum processing start-up rates for the third consecutive week, the aluminum market fundamentals have exhibited some resilience.

However, there are also expectations of increased supply and accumulated inventory, contributing to pressure on aluminum prices. Consequently, aluminum prices have continued to exhibit a pattern of volatility in recent times.

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