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April 9 Shanghai aluminum noon comment

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Non-ferrous metals diverged in the overnight futures market, and Shanghai aluminum maintained range fluctuations
.
The basic orientation is still good, the policy orientation has a far impact on electrolytic aluminum, the current aluminum ingot social inventory is going to storage again, the traditional consumption season is coming, and it is expected that today's spot aluminum prices will rise
slightly.

Shanghai aluminum

This week, the total social inventory of aluminum ingots and aluminum rods fell by about 35,000 tons, and the spot remained at a discount of about 30 yuan
.
Domestic electrolytic aluminum operating capacity is stable, downstream manufacturers generally have sufficient orders, peak season consumption is optimistic, but possible storage dumping and early imports will bring disturbance to destocking
.
The aluminum market is in the seasonal destocking stage, the contradiction between supply and demand is not prominent, and it is expected to still fluctuate
in the near operating range.

On the macro front, the Fed minutes show that the economy is far from reaching its target and policy will continue for some time
.
Consumption is unsatisfactory, high-priced aluminum has a greater pressure on transactions, and the risk of chasing is higher, but peak season demand and macro sentiment are still there, and there is support at a high level; Rumors of storage are rising again, aluminum prices have greater upward resistance, short-term supply and demand or into a tug-of-war, it is recommended to wait and see, peak season demand is resilient, over-fall can be appropriately
shorter.

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