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Aluminium prices remain volatile amid global trade tensions, with LME opening higher today at $2,373.6/ton. Despite the U.S. raising aluminium tariffs to 25%, India's producers remain largely unaffected due to minimal U.S. exposure. Analysts see strong international demand and tightening supply in Asia, but caution that further price direction depends on trade policy clarity and China’s production limits.

Zinc prices remained steady across global exchanges, supported by a sharp rise in Chinese refined zinc output, which increased nearly 14% MoM. On the MCX, prices hovered near Rs 246.5/kg amid a short-covering trend. Domestic production growth was driven by resumed operations and better economics for smelters. Technical indicators suggest prices may face resistance ahead.

Global aluminium production increased 2.3% YoY in March, with China nearing its production cap. Inventories declined in both China and Japan, suggesting tightening supply. LME and MCX prices saw a modest rise, reflecting increased buying interest. Export momentum continues, but policy support is critical to sustaining growth.

Zinc prices remained mixed across global exchanges. LME dipped slightly, while SHFE and MCX posted modest gains. While China’s Q1 growth beat expectations, zinc fundamentals were weighed down by higher refined output. Meanwhile, supply concerns resurfaced due to production cuts at Nyrstar and potential slowdowns elsewhere. Spot premiums stayed elevated, but trading activity slowed as buyers relied on earlier low-price stockpiles.

Aluminium prices opened lower on LME, SHFE, and MCX, reflecting minor corrections. China’s February output dropped month-on-month but grew year-on-year. India imposed anti-dumping duties on aluminium foil and other products to curb cheap imports from China. Global primary aluminium production increased 2.7% in January, signalling a stable supply outlook.

Zinc prices remained volatile, with LME zinc closing higher at $2,985.5/mt, SHFE zinc at 24,140 yuan/mt, and MCX zinc gaining 0.74% to ₹280.65/kg. Supply concerns intensified after Nyrstar announced a 25% production cut at its Hobart smelter in Australia, while global zinc output continued to decline. LME on-warrant stocks fell to their lowest since November 2023, signaling tightening availability. Experts see support at ₹279.2 and resistance at ₹282.1, with a potential breakout toward ₹283.5.

Zinc prices declined across LME, SHFE, and MCX due to weak Chinese trade data, escalating US-China trade tensions, and expectations of increased supply. While global zinc production has fallen for the third consecutive year, rising zinc concentrate TCs and anticipated production growth pressured prices. Experts suggest zinc is undergoing liquidation.

Aluminium prices remain stable despite China’s record-high production, as supply growth is expected to slow due to regulatory caps and export tax changes. JPMorgan forecasts a significant global deficit in 2025, pushing market expectations higher. Meanwhile, bauxite arrivals at Chinese ports and shipments from major exporters like Guinea and Australia have declined, further tightening supply.

Aluminium prices increased 1.21%, closing at Rs 264.4/kg, driven by US import tariffs and supply constraints. The global aluminium market is expected to face a 600,000 mt deficit by 2025, as China enforces production caps. Meanwhile, global aluminium output increased by 2.7% YoY. Analysts see support at Rs 262.8, with resistance at Rs 265.3, signalling potential further price movement.

Zinc prices remained stable, with LME, SHFE, and MCX showing minor fluctuations. Market sentiment is mixed, with SHFE zinc facing resistance and MCX zinc reacting to rising inventories. A global supply deficit continues to pressure prices, driven by declining output in China, Japan, and South Korea.