May 22 aluminum market morning review

The epidemic dragged down economic indicators, most of the outer metals fell overnight, and the external aluminum prices closed higher against the trend in the repair of the internal and external ratios, and the London Stock Exchange III expected aluminum prices to close up 0.
4% to $1521 / ton
.
The Shanghai aluminum night market spot market transaction fell back, the holders were willing to ship, the middlemen showed a strong willingness to suppress prices, and the downstream performance was cautious
.

The mainstream trading price in Shanghai dropped from the early level of 13450 yuan / ton to 13400 yuan / ton, which is about 170 higher than futures
.
The mainstream transaction price in Guangdong is around 13570 yuan / ton
.
At present, domestic consumption is still strong, and fundamentals continue to improve, maintaining strong support
for prices.
However, due to the slowdown in the pace of destocking, and the promotion of new production capacity, imported aluminum ingots have gradually flowed into the domestic market, and supply pressure will gradually appear
.
Short-term aluminum prices are still strong and volatile, and short-term suggestions for pullbacks are more ideas
.

At present, the profits of the electrolytic aluminum industry have been repaired to near the profit and loss level, and the production reduction or maintenance plan of the electrolytic aluminum plant has slowed down or even is difficult to reproduce
.
Electrolytic aluminum shows a pattern of internal strength and external weakness, the Shanghai-to-London ratio is at a historical high, and the import window of aluminum ingots may
be further expanded.
The operating rate of downstream aluminum processing enterprises has not dropped significantly, the proportion of aluminum water has increased, and the destocking of aluminum ingots has continued, forming a strong support
for recent months.
The traditional consumption off-season from June to August is coming, the medium-term consumption is not changed, the upward road of Shanghai aluminum in the future market is relatively difficult, and there may be a pullback before and after the two sessions, paying attention to the guiding role
of the new round of macro-control policies that the state and the government may introduce to the market.