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Aluminum market morning comment: The dollar index continued to weaken, which once stimulated a rally in external metals, but fears of economic weakness arose again because the European Central Bank will raise interest rates
.
Most of the overnight metals closed lower, with the LME three-month aluminum price falling 1.
73% to $2385/mt
.
The domestic market lacked confidence, and the Shanghai aluminum night trading fluctuated
downward.
The main 2209 contract closed below 17750 yuan / ton
.
The overall transaction of the spot market in the morning was acceptable, the circulation of goods in the East China market was tight, and the downstream goods were slightly better
.
The mainstream trading price in Shanghai is 17,900 yuan / ton, which is basically flat with futures
.
The South China market traded well in the early stage, but the transaction turned weak after the completion of the downstream replenishment in the later stage, and the mainstream transaction price was around 17790 yuan / ton
.
The high temperature in the off-season coupled with the repeated epidemic has led to the overall weakness of domestic consumption, and the basic price pressure has become more and more obvious
when production continues to rise.
The macro picture is still in a pessimistic atmosphere
.
Therefore, it is difficult for short-term aluminum prices to improve, and the shock is weak
.
Operationally
, it is recommended to operate on partial empty.
