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Overnight Shanghai aluminum shock.
Monday's inventory data showed that the comprehensive inventory of aluminum ingots and rods fell by about 20,000 tons in the past week, narrowing month-on-month and also having a year-on-year gap
.
At present, the supply is growing steadily, and the consumption side has improved slightly month-on-month, but it is still insufficient
.
Under the logic of epidemic repair, the Shanghai aluminum shock is waiting to be driven, and the short-term continues to test the resistance
around 21,000 yuan.
Yunnan aluminum plant capacity release accelerated, although demand recovered month-on-month, but due to the relatively high supply growth rate, aluminum destocking speed has slowed down, short-term real estate favorable policies are frequent, epidemic repair and other stimulus policies concentrated release, downstream peak season demand recovery is expected to be high, consumption recovery still needs to be verified, the recovery of actual demand still takes time, downstream consumption weakness is still difficult to support aluminum to go to storage smoothly, it is expected that aluminum short-term maintenance is weak and shocking
.
On the supply side: Daily production is expected to pick up
month-on-month in June.
Consumption: Downstream demand is expected to be weak
.
In the medium and long term, domestic supply has grown significantly, the market is pessimistic about real estate demand, oversupply and demand are significant, and aluminum prices may continue to be under pressure
.
