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As of the afternoon close, the Shanghai aluminum main 2205 contract closed up at 21800, down 265, or 1.
20%.
Intraday aluminum prices as expected to usher in a correction, spot recovery yesterday's gains, from the plate point of view, the main force continues to move down limited, there is still some support at the 10-day moving average, Shanghai aluminum below the support attention to 21500.
In terms of the market, the downstream was greatly affected by the epidemic control, transportation was difficult, the overall operating rate of aluminum processing enterprises fell slightly, and the recovery of the consumer side was slow
.
On April 16, the automobile plant in Jilin area has restarted, and the state has also issued instructions for the resumption of automobile work in Shanghai, and the market is expected to resume work and production in the next 1-2 weeks, which has a marginal improvement in downstream demand
.
In terms of macro, due to the recent resumption of the Russian-Ukrainian war, the market instability factors have intensified, the supply shortage problem still exists, and the impact on aluminum prices has not penetrated into the country in the short term, and the medium and long-term prices are still favorable for prices to rise; The short-term dominance of the domestic price trend is still the recovery of fundamentals, in the context of downstream demand has not met expectations, aluminum prices are still facing weak shock risk in the short term, but the introduction of domestic multi-sector policies also has support below the price, Shanghai aluminum continues to pay attention to the 21500-22000 range shock operation, operationally recommended downstream can bargain on demand replenishment or wait and see
.
