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June 23 aluminum market morning review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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Aluminum market morning comment: Powell released the determination to control inflation, the market is worried about the economic outlook again, causing metal prices to weaken again, but the dollar index fell back and continued to destock, so that the external aluminum price rebounded
at the end of the day.
The LME three-month aluminum price finally closed at $2539/ton, up 0.
36%.

Shanghai aluminum opened low and rebounded overnight, and policy expectations stimulated a price rebound
.
The main 2207 contract closed above 19550 yuan / ton
.

Aluminum City

In the morning, the spot market turned weak again, and the downstream on-demand procurement in the early stage, as the price fell wait-and-see sentiment rose, receiving goods cautiously, and the transaction declined
.
The mainstream trading price in Shanghai is around 19,730 yuan / ton, which is basically flat compared with futures
.
The mainstream transaction price in Guangdong is around 19710 yuan / ton
.

In order to achieve the economic growth target, the stimulus policy in the later period is expected to rise
.
At present, the fundamental contradiction between supply and demand in the domestic aluminum market is not very prominent, consumption continues to improve marginally, and output accelerates, but imports decline.

Explicit inventory continues to degrade to support prices
.
However, it remains to be seen whether consumption can meet expectations, and the traditional consumption off-season is coming
.
Short-term macro and policy expectations continue to influence market sentiment
.
Supply pressures rise
in the medium term.
In the short term, it is recommended to wait and see, and treat it on the high side in the medium term
.

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