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Trade Service
On Tuesday, the dollar index "roller coaster" trend, crude oil futures fell for the second day in a row, as of about 15:05, the dollar index slightly fell 0.
17%, U.
S.
crude oil and Brent crude oil fell more than 5%.
In the metals market, as of the close of the day, base metals closed down nearly across the board, with Shanghai aluminum falling more than 1%.
On the macro front, the Fed's March FOMC interest rate meeting will be held on March 15-16, and the results
will be announced in the early morning of March 17, Beijing time.
U.
S.
Treasury yields rose and dollar-denominated commodities were generally under pressure
.
In addition, Russia, the United Kingdom, Turkey, Indonesia, Japan, Brazil and the central bank will also announce interest rate decisions
this week.
According to the tracking of historical conditions, the Fed's interest rate hike does not directly pressure aluminum prices, but the economic cycle faced by interest rate hikes, the pace of interest rate hikes, and the performance of the economy after the rate hike have an impact
on the prices of metals including copper and aluminum.
In terms of the market, the gradual fermentation of the impact of the epidemic may suppress the newly improved consumption recovery and the trend of outbound shipments, which are new uncertain and negative factors in the near future, and need to continue to pay attention to its extent and sustainability
.
At present, the transportation of aluminum ingot market in East China is greatly hindered, but the transaction sentiment is better, and the shipment and receiving situation in South China is also picking up
.
In the aluminum rod market, the processing fee of aluminum rod in Foshan fluctuated upward, but due to the impact of the epidemic, the transaction difference was large, and the logistics of Wuxi aluminum rod market was also blocked
.
In terms of inventories, LME inventories fell slightly by 10,000 tonnes, supply tightness in Europe continued, trade premiums still rose sharply, and spot discounts to March contracts widened to $36/mt
.
On Monday, domestic social inventories have turned to a decline, and institutional surveys show that weekly shipments are 201,000 tons, an increase of 62,000 tons
from the previous month.
East and South China increased significantly
.
Low inventories will continue to support aluminum price stability
.
On the whole, international geopolitical risks are highly uncertain, interest rate hikes are approaching, the recent spread of the epidemic in the Yangtze River Delta and South China, and the fall in energy prices have led to the weak sorting of aluminum prices, the rebalancing of domestic and foreign supply and demand, and the gradual narrowing of the price difference
.
However, the shortage of overseas supply continues, and domestic spot support is emerging
.
