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May 16 aluminum market morning review

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

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Aluminum market morning comment: Market sentiment improved on Friday, the dollar retreated, and metal prices stabilized and rebounded
.
Aluminum prices rebounded
strongly by the news of the accidental shutdown of an electrolytic aluminum plant in China.
The LME three-month aluminum price closed up 1.
51% at $2828/mt
.
Domestic overnight trading rose nearly 3%, and the main 2206 contract reached a maximum of 20,750 yuan / ton, closing at 20,685 yuan / ton
.

Aluminum City

In the morning, the spot market transaction turned weak, the enthusiasm of downstream receiving goods declined, on-demand procurement was the mainstay, and the holders reduced prices and
shipments.
The mainstream trading price in the East China market is around 20,080 yuan / ton, which is about 40 lower than the futures discount
.
The mainstream transaction price in Guangdong is around 20140 yuan / ton
.

With the domestic epidemic under control, the resumption rate of enterprises has further increased, and consumption has continued to recover, but it will take time to return to normal levels
.
On Friday, an accident at an electrolytic aluminum plant in Yunnan stopped production, slowing down the pace of domestic production growth slightly, but the trend of rising output remained unchanged
.
In addition to the positive fundamentals, the domestic reduction of mortgage interest rates means the opening of a new round of stimulus policies, which is conducive to the reconstruction of market confidence, but the favorable policies are yet to be realized by actual consumption
.
Aluminum prices are expected to rebound further under
the stimulation of short-term positive news.
Operationally, it is recommended to operate on the short-term dip and the
long-term.

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