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Overnight Shanghai aluminum shock mainly, Shanghai spot aluminum ingot quotation 20820-20860 yuan / ton, the average price of 20840 yuan / ton, up 300 yuan / ton from the previous trading day, the 2206 contract reported 60 ~ 20 yuan / ton
.
The discount has further expanded, spot trading continues to be weak, and the dematerialization of domestic inventories has slowed down, and it is expected that aluminum prices may face some pressure
.
This price point can be stocked on demand
.
Aluminum prices are running strongly, mainly affected by the sharp rise in crude oil prices during the holiday period and the gradual easing of the domestic epidemic
.
In terms of domestic supply, according to Mysteel, the preliminary value of China's primary aluminum production in May 2022 was 3.
467 million tons, an increase of 3.
46% year-on-year and 3.
98% month-on-month, and electrolytic aluminum production capacity increased steadily in May but slowed down from before.
In terms of consumption, with the improvement of the epidemic in June, the resumption of work and production in Shanghai has steadily advanced, and the current domestic consumption tends to improve, and the amount of aluminum ingots destocked is expected to continue to expand
.
However, due to the outbreak of repeated pledge events in warehouses, market liquidity has converged, and spot discounts in East and South China have a greater impact on the spot market, but it is expected that the impact will be relatively short-term, and the final market transaction will still return to the supply and demand market
.
On the macro front, data released by the Institute for Supply Management on Wednesday showed that the US ISM manufacturing PMI rose to 56.
10 in May, better than the market's previous expectation of 54.
5, which was 55.
4
previously.
Caixin China's manufacturing purchasing managers' index (PMI) recorded 48.
1, up 2.
1 percentage points from the previous month, but has been in contraction territory for three consecutive months
.
On the whole, the policy side is actively making efforts, the resumption of work in East China is in full swing, the demand side is expected to improve strongly, superimposed on the continuous decline in inventory to strengthen price elasticity, it is expected that aluminum prices are expected to continue to rise, but in view of the domestic supply-side pressure still exists, aluminum prices rise high or resistance
.
