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Aluminum market afternoon comment: the situation in Russia and Ukraine is still uncertain, and Lun aluminum closed up 1.
17% overnight; Global market inflation continues to rise to support metal prices, but domestic downstream consumption is still more general, trading is low, and aluminum is expected to fall
slightly today.
Aluminum opened higher overnight, fluctuating slightly, opening slightly higher at $
3460 today.
During the holiday, Lun aluminum fell about 0.
4%, and it is expected that Shanghai aluminum may open
slightly lower today.
The situation in Russia and Ukraine has a greater impact on the market, the medium-term fundamentals are slightly optimistic, Shanghai aluminum short-term volatility, and the medium-term is expected to continue the upward trend
of volatility.
Upper pressure 25000, lower support 22000
.
Domestic destocking trend affected by the epidemic has been broken, and the beginning of destocking in the current low inventory state has driven domestic aluminum prices to maintain a high level, overseas inventories to maintain a low level, and overseas prices are expected to remain high before the end of the Russian-Ukrainian conflict
.
Overall, the Shanghai lockdown has caused a certain impact on downstream electrolytic aluminum consumption, and the trend of aluminum ingot destocking has weakened, but low inventories at home and abroad have supported electricity prices and aluminum prices, and it is expected that the high volatility trend will continue
.
