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In the afternoon, the non-ferrous sector collectively attacked, and the main contract of its mid-term aluminum rose sharply to 19,000 points, and the futures price touched a new high
in nearly 3 weeks.
The recent rumors of selling reserves have intensified in the market, continuing to suppress the rebound of aluminum prices, which is also an important support
for market bears.
At present, Shanghai aluminum is still constrained by the three factors of macro, policy and fundamentals
.
On the macro front, sufficient overseas liquidity to fight the epidemic is still there
.
In terms of fundamentals, the strong consumption coupled with the peak shift power rationing and the reduction in electrolytic aluminum production brought about by energy consumption control have caused the weekly decline of 35,000 tons to 919,000 tons of social aluminum ingot inventory, which supported aluminum prices below
.
In the short term, domestic aluminum prices maintain a wide range of shocks, and the actual impact
of policy implementation needs to be observed in the end.
Recently, the environmental protection inspection team entered Guizhou, and Guizhou electrolytic aluminum production capacity is facing pressure
to reduce production.
As of early June, China's electrolytic aluminum operating capacity was 38.
79 million tons, and the operating rate of national electrolytic aluminum enterprises was only 89%, mainly due to the fact that Yunnan and Inner Mongolia limited production, and it is expected that electrolytic aluminum operating capacity will continue to decline
slightly in June.
The social inventory of electrolytic aluminum is now only 919,000 tons, and the accumulation of ingots brought about by production restrictions has come to an end, and the decline in inventory has given impetus
to the rise in aluminum prices.
Overall, the dumping of reserves will put pressure on aluminum prices, and volatility is expected to increase
.
