Aluminum prices rose sharply, and the news of dumping had little impact on the spot market

On the macro front, the US CPI recorded 5% in May exceeded market expectations, and the market expected the Fed to maintain its ultra-loose policy; Three ECB policymakers want to reduce emergency bond-buying programs; NDRC: The right to grasp the dual control of energy consumption to ensure that the target
of reducing energy intensity by 3% is achieved this year.

In terms of fundamentals, the market confirmed that the dumping of reserves landed, and the direct supply of terminal enterprises in batches every month lasted until the end of the year; In May, the export of unwrought aluminum and aluminum products was 439,000 tons, a slight increase of 01,800 tons from the previous month, and the export performance was stable; Guizhou Huaren Aluminum will limit production by 100,000 tons at the end of the month, due to excessive carbon emissions; South China aluminum premium weakened, East China premium strengthened
.

From the current market reaction, the current round of the National Reserve Bureau storage method is better than expected, coupled with the small amount of reserves, the impact on the spot market is not large, in addition, downstream consumption has not completely faded, the peak season cycle is expected to continue, under multiple favorable impetus under pressure aluminum prices ushered in a strong rebound, short-term Shanghai aluminum to maintain a high level of volatility mainly, The main focus is on the fluctuation of the range of 1.
89-19,300, but it is recommended to be cautious to chase up, the risk of aluminum prices rising to a high level will also become greater, and the follow-up need to be vigilant against further national control measures, the operation can be high and take profit, a small amount of downstream on-demand replenishment, it is expected that spot aluminum will remain high next week
.