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Aluminum market morning comment: the US dollar index has been lower for several days, overnight aluminum prices in a narrow range of strong shocks, LME three-month aluminum prices closed slightly higher 0.
25% to 2835 US dollars / ton
.
Shanghai aluminum opened high and low in overnight trading, and bulls lacked confidence
in the price to continue to rebound.
The main 2206 contract of Shanghai aluminum closed below 20425 yuan / ton
.
The overall performance of the morning spot market trading was weak, the substantial improvement in consumption was slow, and the downstream bargain hunting was mainly cautious to receive goods
.
Holders are not
confident in holding prices.
The mainstream trading price in Shanghai is around 20,500 yuan / ton, which is basically flat compared with futures
.
The mainstream transaction price in Guangdong is around 20520 yuan / ton
.
Domestic consumption has improved with the recovery of enterprise operating rate, but the overall level has not yet reached the normal level of the peak season, and the real estate stimulus policy is difficult to achieve results
in the short term.
Production continues to climb, with data from the Bureau of Statistics showing that domestic electrolytic aluminum production reached a record high
in April.
Under the pressure on the supply side and consumption has not returned to normal levels, the rebound space of aluminum prices is temporarily limited, but the destocking gives strong price support
.
Operationally, it is recommended to operate
on the dip and more.
