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Yesterday's aluminum prices were weak and volatile, and the slight recovery of the domestic social treasury coupled with the impact of the epidemic on some downstream purchases was weak, which dragged
down prices.
Yesterday, the main 2205 contract of Shanghai aluminum opened at 22985 yuan / ton in the morning, the short position was reduced at the beginning of the session, the market was upward, touching a high of 23125 yuan / ton during the day, and then maintained a narrow range of shocks, running at 22950 ~ 23000 yuan / ton, and finally closed at 22960 yuan / ton, closing a doji, down 50 yuan / ton from yesterday's end, down 0.
22%.
Overseas, the Russian Ministry of Defense announced that it will stop military activities near Kiev and Chernihiv to create conditions for Russian-Ukrainian dialogue, and it is necessary to pay attention to subsequent changes
in the situation.
Energy prices in Europe are at a high level, and local concerns about electrolytic aluminum production cuts continue to rise
.
Domestic electrolytic aluminum operating capacity has increased slightly, and Yun Aluminum recently announced that 700,000 tons of hydropower aluminum production capacity has been fully completed, and production will be released
in the future.
In terms of consumption, downstream consumption just needs seasonal slow recovery, aluminum profiles and aluminum plate, strip foil and other sectors operating rate rebounded, but the current outbreak of the epidemic in various places may suppress
demand.
In terms of inventory, social treasury data shows that inventory has accumulated slightly, mainly due to poor transportation caused by the epidemic in many places
.
On March 28, domestic aluminum ingot stocks were 1.
052 million tons, 13,000 tons
more than last Thursday.
On March 29, LME aluminum stocks fell by 7,800 tons from the previous session to 663,000 tons
.
In terms of price, it is necessary to continue to pay attention to the progress of domestic electrolytic aluminum production and the recovery of downstream demand, the recent development of the epidemic has caused certain interference to transportation and procurement, but the low inventory at home and abroad has supported the price, and it is recommended to wait and see in
the short term.
