April 2 aluminum market morning review

On Wednesday, the main monthly 2005 contract of Shanghai aluminum opened at 11570 yuan, the highest intraday 11655 yuan / ton, the lowest 11425 yuan / ton, settled 11540 yuan / ton, and closed at 11445 yuan / ton, down 140 yuan
.
Affected by the outbreak of the global epidemic, domestic and foreign demand expectations have been hit hard, and Shanghai aluminum fluctuated downward during the day, and it is expected that the market will continue to run
at a low level.

Recently, domestic PMI data was released, and the PMI rebounded sharply to 52
in March.
This was mainly due to the low base in February, and the improvement in data had limited
boost for non-ferrous metals.
At present, the core contradiction of aluminum prices is still concentrated in epidemic control
.
The epidemic situation abroad continues to deteriorate, and judging from the number of new confirmed cases, the overseas epidemic situation has no easing trend
.

The worsening of the overseas epidemic has led to a contraction in foreign consumption, and aluminum exports have been restricted
.
Electrolytic aluminum social stocks are still high, social stocks have climbed to 1.
664 million tons, high stocks still have greater pressure
on aluminum prices.
Recently, risk assets such as U.
S.
stocks and European stocks have rebounded one after another, and market confidence has been boosted
.
However, the overseas epidemic is still a big problem, and it is recommended that the new order wait and see
for the time being.