In the first two months of this year, primary aluminium production was 2.9 per cent above the previous year's level, with Chinese production 4.8 per cent higher.
The trend towards lightweight construction will continue to dominate the demand side this year. The use of aluminium in cans and disposable packaging will also develop stably.
On the supply side, the level of the electricity price will influence European production in particular. The expansion of recycling production must therefore be expanded against the backdrop of rising demand and the need for resource and energy efficiency.
On the LME, inventories decreased slightly to 520,900 tonnes during March. At the SHFE, aluminium inventories at the end of the month were below the level of the end of February at just under 286,000 tonnes, after higher inventories were observed in the middle of the month.
In COMEX warehouses, stocks were increased and now stand at just under 30,000 tonnes. The number of trading contracts stagnated in March. Prices for primary and recycled aluminium were on average and at the levels of the previous month.
Trend: For the primary aluminium price, we see a movement of plus 500 US dollars around the 2,400 US dollar per tonne level by the end of the second quarter, with aluminium alloy prices averaging around 300 US dollars per tonne lower.
In January 2023, zinc mine production was 1.5 percent higher than in January of the previous year. Refining production, on the other hand, declined by 4.6 per cent. Consumption was also down, by 1.6 per cent.
On the LME, zinc stocks rose slightly in March 2023, jumping to 45,000 tonnes on the last reporting day. On the SHFE, on the other hand, inventories fell back to 97,345 tonnes after building up in February.
On the COMEX, only 3,000 tonnes remain in storage. The stocks are sufficient for just under four days' consumption. However, if consumption picks up in the next few months, the supply situation may deteriorate again.
