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Aluminum market morning comment: The dollar index reached a new high, before the release of inflation in the United States in June, the market fears of recession intensified, and the interest rate hike of overnight external metals fell
.
The LME three-month aluminum price fell another 0.
7% to $2360/mt
.
Shanghai aluminum night trading also weakened, the main 2208 contract closed below 17410 yuan / ton
.
In the morning, the overall transaction of the spot market was poor, and the sharp decline in prices increased the cautious attitude of the receivers of the epidemic, and the downstream only purchased
on demand.
The mainstream trading price in Shanghai is around 17980 yuan / ton, which is about 30 lower than the futures
.
The mainstream transaction price in Guangdong is around 17820 yuan / ton
.
At present, the domestic aluminum market is facing a double unfavorable situation
of fundamentals and macro.
High temperatures, the epidemic and other factors have made off-season consumption weaker, while production continues to climb, although aluminum prices have fallen to the average cost line, but no smelters have yet to reduce production, and there is still capacity to be put in.
The atmosphere of pessimistic macro expectations has led to a decline in the price of energy, including crude oil
, which has a suppressed supply.
Under the pressure of double bearishness, short-term aluminum prices are weak and difficult to change
.
Operationally it is recommended to hold
short orders.
Pay attention to recent US inflation data
.
