April 24 aluminum market morning review

On Thursday, under the concern of consumption decline, the overnight aluminum price rose first and then declined, and the highest value of the three-month aluminum price on the London Stock Exchange was 1530 US dollars / ton, closing at 1510 US dollars / ton, down 0.
66%.

As of 3 p.
m.
, the main contract of Shanghai aluminum closed up at 12245, up 110, or 0.
91%.

Buyers and sellers in the domestic spot market performed positively, and prices rose sharply again, which hit
downstream buying interest.
The overall trading volume of the market is acceptable
.
The mainstream trading price in Shanghai is around 12480 yuan / ton, which is about 50 higher than that of futures
.
The mainstream transaction price in Guangdong is around 12590 yuan / ton
.
At present, the domestic fundamentals are still improving in stages, and inventories have been greatly reduced, boosting market confidence
.
However, consumption during the year will inevitably decline due to the impact of the global recession, and the improvement of profits of electrolytic aluminum plants will also stimulate the launch of new production capacity, exacerbating oversupply in the later period
.
Short-term destocking once supported the price, but the room for rebound was limited
.

The market focused on the new round of economic stimulus plan in the United States, the panic of the global economy falling into recession was suspended, and aluminum prices were firm in the case of a gradual improvement in the macro atmosphere; Although the overseas epidemic has not yet shown a substantial turning point, under the stimulation of many favorable stimuli such as the strong domestic spot and the continuous destocking of electrolytic aluminum inventory, the price of aluminum is stable in the short term, and the overall room for rise and fall is not large, and the main contract of Shanghai aluminum is temporarily concerned about the volatility between 1.
2-12,500
.