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On Tuesday, the main 2007 contract of Shanghai aluminum opened at 12870 yuan / ton in the morning, the opening was volatile and climbed, all the way up, in the second trading stage to probe 12980 yuan / ton, the high level refreshed the highest point in more than two months, continue to upward momentum is not enough, the afternoon high fell, all the way down the shock sinking, giving up part of the gains, the low fell to 12825 yuan / ton, the end of the session performance sideways, and finally closed at 12850 yuan / ton
.
The inventory data of aluminum ingots released on Monday was 1.
007 million tons, down 51,000 tons from last Thursday, and the destocking range remained at a high level, and consumption performance was still outstanding
in the short term, driven by the construction and medical equipment sectors.
The export volume of unwrought aluminum and aluminum products in April was 441,200 tons, both month-on-month and year-on-year, but the decline was slightly less than the market expected, for the future market, the pressure on export orders has not decreased, in addition, Sino-US trade relations have regained waves, and later exports are difficult to repair
.
On the supply side, the continuous repair of smelting profits has greatly reduced the willingness to reduce production, while the resumption of production and new investment plans are gradually emerging, Yunnan, Inner Mongolia and other regions will contribute to the increase in production capacity in the near future, and the supply pressure is gradually rising
.
The current cost has begun to rebound, and both sides of alumina supply and demand have been supported, but the later rebound is highly limited by overseas prices and aluminum demand
.
The impact of short-term orders is still there, and the demand for alternative aluminum scrap is weakening, but the factors of the peak season still support the better performance of demand and the continuation of destocking, so aluminum prices continue to be firm; However, after the impact of medium-term seasonal factors and backlog of orders faded, supply and demand returned to surplus, and aluminum prices came under pressure
.
