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July 1 aluminum market morning review

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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Aluminum market early comment: China's June PMI was better than expected, the European economy restarted and promoted, market confidence was boosted, and overnight aluminum prices continued to strengthen
.
The three-month aluminum price on the London Stock Exchange peaked at $1626/ton, closing at $1618/ton
.
Shanghai aluminum night trading was also strong, and the main 2008 contract closed above 13900 yuan / ton
.

Aluminum City

In terms of the market, the overall performance of the spot market in the morning was flat, with high willingness of holders to ship, intermediaries receiving goods were not very active, and the downstream was slightly afraid of heights
.
The mainstream trading price in Shanghai is around 14150 yuan / ton, which is about 170 higher than futures
.
The mainstream transaction price in Guangdong is around 14220 yuan / ton
.

Following the release of more liquidity, the central bank lowered the stimulus policy of relending and rediscounting interest rates, continuing to make efforts for the domestic economic recovery, and the month-on-month recovery of PMI in June also reflected the effective promotion
of the previous policy on the economy.
This has undoubtedly further boosted market confidence
.
The macro continues to promote the rise in aluminum prices, superimposed on the continuous decline of futures inventories, although the current phased weakening of consumption is obvious, aluminum prices are difficult to fall
.
Operationally, it is recommended to wait and see, and intertemporal arbitrage is appropriate
.

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