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May 24 aluminum market morning review

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

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Aluminum market morning comment: The US dollar index weakened again, most of the metals closed higher overnight, and aluminum prices closed lower due to concerns about unsatisfactory
Chinese consumption.
LME three-month aluminum prices fell 0.
49% to $2955/mt
.
Shanghai aluminum overnight trading volatility to the downside, bulls lack confidence to reduce holdings
.
The main 2206 contract closed below 20660 yuan / ton
.

Aluminum City

The trading performance of the spot market in the morning was lackluster, the downstream on-demand procurement was the mainstay, the holders lacked price information, and they actively shipped goods, and the overall transaction was average
.
The mainstream trading price in Shanghai is around 20,830 yuan / ton, which is about 30 percent lower than that of futures
.
The mainstream transaction price in Guangdong is around 20820 yuan / ton
.

Domestic explicit stocks continue to dematerialize, but the destocking efforts are average
.
Short-term real estate stimulus policies are difficult to have an immediate effect, and production growth is expected to be strong, because there is still production capacity to be released, which gives the current aluminum price pressure
.
However, in the case of continuous rising output, destocking also reflects the strong resilience
of consumption.
With the further relaxation of epidemic control, consumption is still expected to continue to rebound, giving support
to aluminum prices.
Short-term aluminum prices or repeated fluctuations, it is recommended to operate on the dip
.

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