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Aluminum prices fell slightly by 5 points yesterday night, and the impact of Sino-US tensions on aluminum was much smaller than expected, and aluminum performed firmly
.
On the whole, Shanghai aluminum is walking along the lower edge of the parallel rising channel, and the 14500 line shows pressure, which may
fall back.
Aluminum ingot inventory data was released on Monday at 712,000 tons, up 04,000 tons
from last Thursday.
As the time enters July, off-season consumption is gradually reflected, downstream orders decline, and the operating rate of processing enterprises weakens month-on-month, but due to the difference in the pace of recovery in various sectors, consumption is in a successive recovery, resulting in high expectations for off-season consumption
.
In terms of exports, overseas is in the stage of economic recovery, but under the condition of high internal and external ratios, the increase in exports driven by the improvement of external demand is still limited, and exports are expected to remain low
.
On the supply side, the new production capacity mainly in Yunnan region continues to be released, according to the production plan, the capacity increase in the second half of the year will be significantly improved, and the supply growth trend will remain unchanged
.
On the cost side, the rapid rebound of alumina prices in the first two weeks has repaired production profits, and some of the suspended production capacity has begun to resume production, driving the improvement of the supply shortage pattern and inhibiting the upside
of prices.
Inventories are showing signs of accumulation, but the accumulation range is small, and inventories are still low, so aluminum prices as a whole remain high and volatile
.
