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Shanghai aluminum fell
slightly overnight.
Recently, the dual control of energy consumption in Inner Mongolia and the power curtailment of China Southern Power Grid have triggered large-scale production cuts in aluminum plants, and the downstream of Guangdong is also plagued
by power cuts.
At the beginning of the week, due to the increase in arrivals, the social inventory of aluminum ingots rose by 14,000 tons from Thursday, but the trend of destocking is expected to continue
after a short accumulation.
However, under the disturbance of rumors of state regulation and storage, Shanghai aluminum temporarily treated it with a high shock, paying attention to the resistance
of 19,000 yuan.
The unexpected increase in social inventory on Monday intensified concerns on the demand side, considering that the increase in inventory mainly came from the decrease in outbound volume, coupled with the recent decline in aluminum bar processing fees, reflecting that downstream demand is indeed weakening
.
However, whether this weakening comes from the sudden decline caused by power cuts or from the cyclical weakening after the peak season remains to be seen
.
In addition, the impact of the supply caused by the southwest power rationing is not yet prominent, and it is temporarily in the process
of converting the remaining aluminum water in the electrolyzer to the ingot when production is stopped.
The impact on supply is expected to become apparent
in late June.
For the aluminum price judgment for the time being, it is still optimistic, and the rebound after the over-fall continues
.
