June 14 Shanghai aluminum morning review

In terms of news, China's exports of unwrought aluminum and aluminum products in May were 485,000 tons, an increase of 5.
4% year-on-year, and the export growth rate rebounded
slightly year-on-year.
Affected by the slowdown in shipments in the northwest and the increase in the proportion of aluminum water sales, the social inventory of aluminum ingots continued to fall, and the data showed that the inventory of the eight mainstream consumption places totaled 1.
947 million tons, down 30,000 tons
from last Thursday.
From January to April, affected by the climb in profits and new production capacity, the cumulative year-on-year growth rate of production was significantly lower than previously expected, and with the slow recovery of demand after the holiday, the margin of supply and demand was moderately good, and inventory dematerialization continued
.
It should be noted that in the second quarter, new investment began to accelerate but still not reflected in the current production increment, and the subsequent consumption season turned weak and new investment increments were released, and the moderate improvement of supply and demand will face a turn, and the price rebound will be weak
.

There is no outstanding contradiction in the aluminum market recently, and the seasonal demand season continues to be destocked, but the absolute level of inventory is high and weakens the destocking effect, and the price fluctuates
in the range.
In the future, environmental protection trends and self-backup policies may land, which is potentially beneficial to aluminum prices, and it is recommended to be cautious and more
.