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Overnight, the main Shanghai aluminum 2207 closed at 20550, down 320, and LME aluminum closed at 2760, down 76; Macro: Biden vowed to give Fed Chairman Powell "space" to let him fight inflation, market risk aversion rebounded, and the dollar stabilized and rebounded; The automobile purchase tax will be halved, and the China Association of Automobile Manufacturers (CAAM) expects to increase by more than 2 million units; The World Bank cut its global growth forecast for this year to 2.
9 percent, warning of the risk of
"stagflation.
"
Foreign demand is expected to be poor, but LME aluminum inventories hit a 21-year low, and support is strong
.
In terms of cost, the cost of raw materials has risen by nearly 70% during the year, and electricity prices are hanging
high.
In terms of demand, the operating rate of primary consumer goods such as aluminum rods, aluminum plates and foils rebounded in May, and the warehouse receipts and social inventories in the previous period were destocked
at a low level.
It should be noted that under the background of high profits, wide pipes and sufficient hydropower, the enthusiasm of aluminum plants to put into production and resume production is very high, while the macroeconomy is still in the downward range, and the space for aluminum price rebound is suppressed to a certain extent, and it is not appropriate to overly chase higher
.
