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Aluminum market afternoon comment: The Federal Reserve admitted that inflation hit market sentiment, overnight Lun aluminum closed down nearly 1.
9%, the high industry profit is still promoting new production capacity, the short-term accumulation of social treasury is reduced support, it is expected that aluminum will fall
today.
At present, the water level of electrolytic aluminum social inventory remains at 962,000 tons, and the overall destocking in May is 153,000 tons, which is slower than the same period of previous years, and the increase in terminal demand this year is more obvious, limited by the poor price transmission in the early stage to inhibit the willingness to stock up down, the cycle of the peak season shows a backward phenomenon to a certain extent, and the demand season is expected to continue to maintain steadily; in addition, the National Assembly clearly proposed to curb the excessive rise in commodity prices, and implement a series of regulatory measures
such as ensuring supply and stabilizing prices.
The policy side gives strong pressure above the aluminum price, while the aluminum basic plate runs strongly, weakens the supply margin, and the demand margin is good, giving effective support
to the bottom.
Overnight, Lun aluminum fell sharply to close below the 5/20-day moving average, opening slightly higher at $
2442 today.
Shanghai aluminum opened low and fell to close in the dark overnight, closing at 18470
.
Shanghai aluminum trading stable position declined, market sentiment biased to wait and see, short-term Shanghai aluminum may continue to fluctuate the market
.
Upper pressure at 20,000, lower support 60-day moving average at 18,200
.
