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Aluminum market morning comment: the dollar index fell to a seven-week low, the next week Lun aluminum closed up $10 to refresh a three-year high, pollution prevention will interfere with the supply of electrolytic aluminum, aluminum ingot inventory further degraded, it is expected that aluminum will rise
today.
On Friday, Lun Aluminum once hit a new high of $2389 before retreating to close Xiaoyang, and opened flat at $2369 today
.
Shanghai aluminum rose on the day, and the night session closed under pressure near the previous high, closing at 18300
.
Shanghai aluminum trading positions fell slightly, and there was pressure
near the previous high.
However, the internal and external market trends are good, and the medium-term volatility of Shanghai aluminum may reach a new high
.
Upper pressure 19000, lower support 17700
.
On the macro front, the epidemic situation in India has intensified, and vaccination in Europe has accelerated; Eurozone and US preliminary manufacturing in April was better than expected, and economic recovery accelerated; The Biden administration's tax hike plan weighed on U.
S.
Treasury yields, and the dollar came under pressure
.
In terms of fundamentals, on the 22nd, the inventory was reported at 1.
14 million tons, down 43,000 tons from last Thursday, and downstream demand rebounded significantly, which is expected to accelerate the destocking; during the same period, the steel union statistics aluminum rod inventory was 175,500 tons, down 07,000 tons from last Thursday; overseas economic recovery accelerated, the US dollar was weak, and the demand for pre-holiday stocks supported aluminum prices
.
