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The overall trend of Shanghai aluminum last week was stable, with a cumulative weekly decline of 0.
04%; At present, the social aluminum ingot inventory has dropped to around 75 tons, and in the short term, aluminum prices continue to run at a high level under the support of destocking and spot, but after entering the off-season, the trend of weak supply and demand in the later period is becoming more and more obvious, negative factors continue to accumulate, and the overall fundamentals are not good; Aluminum prices may not continue to rise
.
Last week, the rise of London aluminum slowed down, the overall shock in the range of 1560-1620 US dollars, overseas downstream demand was greatly affected by the epidemic, strong supply and weak demand under Lun aluminum inventory continued to accumulate; From the overall trend, it is not very good aluminum price trend, and the aluminum continues to test the effectiveness of the 1600 mark, and the overall focus is on the 1550-1650 range
.
On the supply side, due to the impact of the thunderstorm season, Chongqing Tiantai power supply control room was hit by lightning in late May, and on June 12, Guangxi Xiangji also tripped, and the two aluminum companies affected the production capacity of 140,000 tons, and the short-term pressure on the supply side was not obvious
.
On the demand side, although the operating rate of some leading enterprises has weakened, the demand for construction aluminum profiles is strong, orders are strong, aluminum foil is strongly affected by seasonality, aluminum cable orders will be released in July, and the downstream operating rate of aluminum remains stable
overall.
On the whole, the current aluminum ingot inventory fell to a low inventory of 750,000 tons, low inventory and strong supply and demand side support the strong operation of aluminum prices, but under the expectation of demand off-season, aluminum prices have adjustment demand, but the adjustment space is limited, and the overall aluminum price is biased towards high shock operation
.
The operational strategy recommends wait-and-see
.
