Aluminum Holds Below $2,400 Threshold
Aluminum futures have consistently traded below the $2,400 per tonne threshold, reflecting much of the downturn observed since hitting an eight-month low of $2,340 on April 9th. This decline aligns with a bearish trend for base metals on global exchanges, driven by the ongoing US-China trade war which continues to cast a shadow over global manufacturing prospects. Following reciprocal tariff hikes, China has imposed a 125% levy on US goods and expanded its list of companies facing export restrictions. In retaliation, the US has increased tariffs to 145% and threatened additional barriers on specific metals. These concerns about manufacturing growth have been significant enough to overshadow supply worries in the US, where tariffs introduced under the Trump administration were anticipated to strain domestic capacity. Meanwhile, China's production is also expected to slow as it approaches its output ceiling of 45 million tons, a cap set to help achieve carbon emission targets.
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