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June 1 aluminum market morning review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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Aluminum market morning comment: The dollar index rebounded sharply, Eurozone inflation continued to climb in May to exacerbate market concerns about the economy, and overnight external metals fell
more.
The LME three-month aluminum price fell 3.
16% to $2789/mt
.
The domestic night market fell sharply due to the repeated pledge of aluminum ingots in a warehouse in Foshan, and the main 2207 contract opened low, closing below 20335 yuan / ton
.

Aluminum City

The spot market did not show a bright performance in the morning, there was no obvious stocking performance downstream, and the enthusiasm among traders was also poor
.
The mainstream trading price in the East China market is around 20,750 yuan / ton, which is about 10 lower than the futures
.
The mainstream transaction price in Guangdong is around 20730 yuan / ton
.

The repeated pledge of domestic aluminum ingots has led to the suppression of trade finance, which in turn weakened the role of trade links in spot circulation, resulting in the manifestation
of hidden inventory.
The actual situation of the event remains to be seen, but the short-term market is still affected by the event, and in the current relatively loose supply, aluminum prices are inevitably affected by the event and fluctuate
sharply.

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