Aluminum prices are weak to run in the short term to be treated with a wait-and-see approach

On the macro front, the US CPI in May was 8.
6% year-on-year, 8.
3% expected, 8.
3% in the previous month, inflation once again exceeded expectations, interest rate hike expectations were further strengthened, the US dollar index rose sharply, and non-ferrous metals were under
pressure overall.

In terms of domestic supply, after June, the supply side continued to resume production and the planned release of new production capacity, mainly concentrated in Yunnan, Gansu, Guangxi and other places
.
In terms of consumption, the market maintained that it just needed to take goods, but the market transaction sentiment remained weak and the overall performance was not good
.

In terms of the market, according to CCMN data, the average price of Yangtze River spot A00 aluminum was 20090 yuan / ton, down 410 yuan / ton from the previous month, and the discount was 50-10, up 40 yuan / ton
from the previous month.
In the spot market, the source of circulating goods has tightened, the holders are willing to sell at high prices, the receivers at low prices are actively entering the market, the willingness to purchase has also increased, the spot transaction has increased significantly, and the overall trading situation is good
.

In terms of price, the current growth rate of electrolytic aluminum operating capacity has slowed down, demand or under policy support has been repaired, and the recent panic shipments of spot traders have led to smooth destocking of aluminum social inventory, and low inventory at home and abroad has supported aluminum prices, but in the short term, domestic aluminum prices are dragged down by macro pressure and unclear domestic warehouse events, and it is recommended to treat it with a wait-and-see approach in the short term
.