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May 20 aluminum market morning review

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

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Aluminum market morning comment: The dollar index weakened sharply, the US Department of Commerce said it intended to cancel tariffs on Chinese goods, market sentiment improved, and overnight metals closed higher
across the board.
The LME three-month aluminum price jumped 4% to $2938/mt
.
Shanghai aluminum night trading was also boosted up
.
The main 2206 contract peaked at 20930 yuan / ton, closing at 20840 yuan / ton
.

Aluminum City

In the morning, the spot market trading improved, and the East China market performed slightly better than South China, due to the obvious price of the stockpile, but the downstream is mainly on-demand procurement
.
The mainstream trading price in Shanghai is around 20,530 yuan / ton, which is about 10 lower than the futures discount
.
The mainstream transaction price in Guangdong is around 20570 yuan / ton
.

Domestic production continues to climb, but as consumption gradually recovers and explicit inventories dematerialize, support prices tends to increase
.
The domestic demand for stable economic stability is strong, and a series of economic stimulus policies have been introduced and gradually brought into effect, which is conducive to the further improvement
of consumption.
Short-term aluminum prices or maintain a volatile rebound trend, and it is recommended to go long on dips
.
Still showing concern about macro sentiment changes
.

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