Aluminum prices fluctuated upward, and the market cautiously looked at the rebound

On the macro front, the global epidemic is showing signs of slowing down, Zhong Nanshan said that the global epidemic inflection point is still early, and it may still take two weeks; The US stock earnings season is coming, and the market risk aversion is rising; The central bank's one-year MLF rate was lowered by 20 basis points to 2.
95%, with a significant rate cut; The United States filed for 5.
5 million jobless claims last week, down sharply from the previous value; Trump announces economic resumption;

In terms of fundamentals, the cost of electrolytic aluminum raw materials fell rapidly and sharply, and the cost support weakened; The production capacity of electrolytic aluminum has increased significantly, with a cumulative reduction of more than 600,000 tons; On the 16th, SMM aluminum ingot inventory reported 1.
495 million tons, down 112,000 tons from last Thursday, and the strong demand for replenishment in the early stage promoted a sharp destocking, but external demand fell significantly, and Guangdong outbound slowed down; March aluminum export data increased sharply, but the overall decline in the first quarter data was obvious
.

The global epidemic has hit market demand and increased recession pressure; The cost of electrolytic aluminum has moved down sharply, and the cost support has weakened, but the demand for replenishment is strong, short-term market prices maintain a volatile trend, and the medium-term adjustment pressure is not reduced
.