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Aluminum market morning comment: Although China's May foreign trade data is still strong, but before the release of US inflation data, the market is worried about the economic outlook again, coupled with the European Central Bank's interest rate hike expectations, risk aversion heats up, overnight external metals fell across the board, LME three-month aluminum prices fell 2.
68% to $2760 / ton
.
The Shanghai aluminum night market was dragged down and opened low, and then fluctuated
in a narrow range.
The main 2207 contract closed below 20550 yuan / ton
.
In the morning, the spot market transaction did not see a significant improvement, traders still showed caution, and downstream on-demand procurement was the mainstay
.
The mainstream trading price in Shanghai is around 20,750 yuan / ton, which is about 70 lower than the futures discount
.
Holders in the Guangdong market are slightly reluctant to sell, and the mainstream transaction price is around 20,640 yuan / ton
.
Unwrought aluminum and aluminum exports reached a new high in May, but recent export orders showed signs of decline, and domestic consumption continued to recover, but real estate consumption still dragged down significantly
.
Production continues to accelerate, putting pressure
on aluminum prices.
However, the library still supports
the price.
In the case of the contradiction between supply and demand is not very prominent, macro sentiment will affect the price fluctuations
repeatedly.
Operationally, it is recommended to maintain the operation idea of the interval in the short term
.
