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Today's aluminum price continued the trend of volatility, Shanghai aluminum once again stood at a high of 18,500, as of the close of 3 pm, the main 2210 contract of Shanghai aluminum closed up at 18505, up 255, or 1.
40%.
On the macro front, the dollar index continued to perform strongly on expectations of interest rate hikes and weakness in non-US currencies, putting pressure
on non-ferrous metals.
Domestically, the recent real estate stimulus policies have been frequent again, but the current market willingness to buy houses has not shown significant improvement, the strength of real estate repair remains to be seen, and there is still downward pressure
on the macro level.
On the supply side, the impact of power curtailment is gradually fading, the supply of aluminum plants is gradually recovering, and many enterprises are actively implementing capacity replacement, and the overall domestic aluminum supply is limited
.
Overseas, affected by energy factors, European and American electrolytic aluminum companies have reduced production by 1.
3 million tons in the past year, but the pace of production reduction is slowing down and the marginal impact has weakened
.
In terms of downstream demand, it is still in a weak state, and the demand performance is average
.
In terms of inventory, social stocks rose slightly, confirming poor demand
.
Overall, the negative drag on the supply side is gradually weakening, overseas macro recession expectations are rising again, coupled with the continued weakening of domestic demand, it is difficult to have a substantial repair in the short term, and it is expected that aluminum prices will have limited space for rebound
.
