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    Home > Chemicals Industry > New Chemical Materials > June 24 Shanghai aluminum afternoon commentary

    June 24 Shanghai aluminum afternoon commentary

    • Last Update: 2022-12-22
    • Source: Internet
    • Author: User
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    Overnight Shanghai aluminum three consecutive yang
    .
    The first batch of 50,000 tons of reserves sold by the State Reserve Bureau was lower than market expectations, the short-term market gap remained, the warehouse receipts in the previous period fell to a low level, and the spot premium performance was firm
    .
    At the beginning of the week, the social inventory of aluminum ingots fell by 10,000 tons from last Thursday, focusing on today's social inventory changes
    .
    Shanghai aluminum continues to treat high selling and low absorption in the recent volatility range, and the resistance around Wanjiu is strong
    .

    Shanghai aluminum

    The US manufacturing PMI hit a record high in June, indicating that the US economy is gradually recovering
    .
    Fed Chairman Jerome Powell reiterated that inflationary pressures are transitory and will not raise interest rates earlier due to inflation, the momentum to push the dollar upward has weakened, and the dollar index has weakened
    .

    The Shandong provincial government issued an announcement that it will strictly control the "double high" project, and it is expected that the new electrolytic aluminum production capacity in Shandong Province will be difficult to land
    .
    Aluminum imports in May were 220,000 tons, down 19.
    8% from the previous month, and the import impact weakened
    .
    The social inventory of electrolytic aluminum fell to 881,000 tons, indicating that the terminal demand was better
    .
    The details of the national reserve aluminum throwing announced, the first aluminum throwing volume was 50,000 tons, which was lower than the market expectation, and the impact on the electrolytic aluminum market was limited
    .
    Overall, there is strong
    support below aluminum prices.

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