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Yesterday's aluminum prices fluctuated in a narrow range, mainly stimulated
by the continuous dematerialization of social inventories and favorable domestic macro policies.
Yesterday's main contract 2207 opened at 20700 yuan / ton, the highest price of the day was 20850 yuan / ton, the lowest was 20670 yuan / ton, and closed at 20765 yuan / ton, up 65 yuan or 0.
22%
from the previous closing price.
On the macro front, Shanghai released the news of the full resumption of work and production on June 1, and the market sentiment eased
.
Domestic electrolytic aluminum production capacity has slowed down, the current production capacity in Yunnan and Inner Mongolia has recovered and continued to increase, the subsequent production capacity to be restored is concentrated in Qinghai and Guangxi, and it is expected that the production capacity release will be in the second half of the year
.
In terms of consumption, with the acceleration of the pace of resumption of work and production in Shanghai and surrounding areas, downstream consumption has remained stable and improving
.
In terms of market, aluminum rod processing fees have recently fallen, South China downstream aluminum rod receiving enthusiasm is relatively good, aluminum ingots are generally happy, some traders feedback, the market has Rusal inflow directly docking terminal downstream shipments, market sentiment pessimistic, spot transactions are general, the actual transaction to SMM Foshan aluminum price discount 30 to flat water, the transaction price is concentrated in 20700-20760 yuan / ton
.
In terms of inventory, on May 30, 2022, SMM counted that the domestic electrolytic aluminum social stock was 923,000 tons, down 14,000 tons
from last Thursday's inventory.
As of May 30, LME aluminum stocks fell by 5,375 tons from the previous session to 465,700 tons
.
With the improvement of the epidemic and the support of policies on transportation, domestic social inventories remained depleted during the week, and overseas stocks fell below 470,000 tons, at a historical low
.
Overall, the current market supply side increment continues to release, but with the improvement of the epidemic logistics smooth, domestic social inventory continues to go to storage, coupled with the recent release of favorable policies, the follow-up market demand has picked up, aluminum prices or a small rebound in the short term, need to pay attention to the actual consumption improvement, it is recommended to be cautious bullish
in the short term.
