Brief review of the aluminum market on May 8

Today's Shanghai aluminum main 2007 contract opened at 12440 yuan / ton in the morning, hovering around the first line of 12425 yuan / ton at the beginning of the session, and then the bears increased their positions by more than 2,700 hands in 15 minutes, suppressing the high level of aluminum prices, the low level reached 12320 yuan / ton, refreshing the low level of more than a week, and after struggling at the low level without success, it touched the low level of 12320 yuan / ton again, and began to climb in the afternoon, and the end of the day rushed up to 12455 yuan / ton, and finally closed at 12430 yuan / ton, down 30 yuan / ton, down 0.
24%
。

On the supply side: profit recovery and resumption of production began to gradually advance; Cost side: alumina fell to stabilize, electrolytic aluminum rebounded back to near
profit and loss.
In terms of premium discount: domestic spot continued to strengthen and premium expanded, and the LME maintained a large discount; In terms of stocks: LME stocks rose continuously to 1.
35 million tons, down 47,800 tons to 410,500 tons in the previous period, and social banks fell 48,000 tons to 1.
155 million tons
.
Benefiting from the domestic above-expected destocking, the spot price strengthened, and the aluminum price maintained a strong pattern, but Lun Aluminum was subject to its supply and demand May Day holiday and continued to find the bottom
.

At present, as for domestic enterprises to rush to promote terminal consumption, it is expected to continue to promote spot performance
.
However, considering that domestic consumption is bound to be dragged down by the decline in overseas demand, and Sino-US relations are changing, domestic aluminum production is accelerated by the recovery of profits, and the margin of supply and demand is weakening and does not continue to be bullish on aluminum prices
.