Aluminum prices are weak and volatile, and the performance is relatively resistant

In terms of macro, the gradual relaxation of domestic epidemic prevention policies has brought benefits to the national economy and production and life activities, and various policies to stabilize the overall economic market have been frequent, and it is necessary to pay attention to the pull of policies on actual demand
.
The manufacturing purchasing managers' index, non-manufacturing business activity index and composite PMI output index were 50.
2%, 54.
7% and 54.
1% respectively in June, up from 0.
6, 6.
9 and 5.
7 percentage points in the previous month, all rising to the expansion range
.

Domestic aluminum fundamentals maintain a situation of strong supply and weak demand, and on the supply side, the supply side continues to resume production and release new production capacity, mainly concentrated in Yunnan, Gansu, Guangxi and other places
.
In terms of consumption, real estate data is generally sluggish, and aluminum profile orders are weak
.
With the resumption of work and production of Shanghai automobile enterprises and the stimulation of automobile production and sales policies, the automobile industry is expected to be good; Aluminum orders for the new energy sector are more optimistic
.

In terms of inventory, domestic social treasury data continued to destock, and LME inventories continued to decline
.
In terms of price, affected by macro policies, aluminum prices have rebounded to a certain extent, but the current domestic supply is growing steadily and consumption performance is not good, coupled with the light transaction of the spot market, it is recommended to wait and see in the short term
.