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Aluminum market early comment: The situation in Russia and Ukraine has further escalated, and the market supply concerns caused by it have also further fermented
.
As a result, the external aluminum price continued to hit a record high, and the three-month aluminum price on the London Stock Exchange reached a maximum of 3480 US dollars / ton
.
However, the United States has not expressed sanctions for a long time, and the price continues to rise and the momentum weakens
.
Overnight, the external aluminum price fell back after reaching a new high, and the three-month aluminum price closed at $3365 / ton, the increase narrowed to 2.
61%.
Shanghai aluminum night trading opened higher and lower, helping the 2204 contract close slightly below 22845 yuan / ton
.
In the morning, the spot market transaction improved, middlemen and traders performed positively, holders were slightly reluctant to sell, and the increase in downstream procurement was still not large
.
The mainstream trading price in Shanghai is around 22,680 yuan / ton, which is about 60 lower than the futures discount
.
The mainstream transaction price in Guangdong is around 22760 yuan / ton
.
At present, domestic supply is gradually picking up, and consumption is also picking up seasonally, but high aluminum prices have a significant inhibitory effect
on consumption recovery.
The impact of the short-term Russia-Ukraine situation on the market will continue, but the market will gradually turn to ideal treatment of the possibility of US and European sanctions against Russia affecting Rusal production and trade flow, because blocking the supply of Russian aluminum also hurts the production of aluminum industry in the United States and Europe
.
Prices continue to rise, and production and trade flows need to be driven
by real impacts.
Operationally, it is recommended to focus on short-term wait-and-see
.
