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Aluminum prices fell 1.
32%, as the metal sector as a whole, fell yesterday night, mainly due to strong US employment data that triggered concerns about
possible tightening of monetary policy.
The increase in domestic policy uncertainty has put some pressure
on market bulls.
Short-term aluminum prices will continue to play and maintain a volatile trend
.
Aluminum ingot inventories fell slightly this week, with weekly destocking of 0.
8 to 954,000 tons, mainly due to the impact of concentrated arrivals in the two major consumption areas, while outbound shipments also declined
.
In terms of processing, there are certain differences in the trend of various sectors, real estate construction, photovoltaic, power grid and other related orders performed well, and is expected to continue to maintain in June, the automotive field is still plagued by core shortage, and home appliance production (such as air conditioning) will decline
due to seasonality.
On the supply side, the scale of smelting production reduction in Baotou area of Inner Mongolia has expanded, and energy consumption problems still plague production in Inner Mongolia, while Yunnan's power supply has not eased, and new investment in Guangxi has also slowed down, and supply disruption has expanded
.
Fundamentals continue to strongly support aluminum prices in the recent expansion of supply disruption and demand performance is still good, especially the expansion of supply disruption weakens the impact of accumulation of the upcoming consumption off-season, inventories continued to decline in June, and it is difficult to significantly increase inventories in July
.
At the macro level, it is in the mutual game of domestic policy pressure and overseas loosening, and it may be difficult for aluminum prices to continue to rise unilaterally, especially in the domestic concern about storage dumping, and it is expected that aluminum prices as a whole will continue to fluctuate
at a high level and widely.
