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Aluminum market afternoon comment: U.
S.
new home sales in April were weak, and aluminum closed down 2.
64% overnight; Domestic supply maintains stable operation, and South China and other places concentrate on the arrival of goods to cause poor destocking, short-term spot discount pattern is difficult to change, aluminum or fall.
Overnight, Lun aluminum fell sharply to close in the shade, opening slightly higher at $
2,878 today.
Shanghai aluminum opened slightly lower in the night session, and the shock closed the doji, closing at 20370
.
Shanghai aluminum trading declined, positions rose slightly, and market sentiment was biased towards
neutrality.
The Russia-Ukraine conflict is still fierce and market uncertainty is high
.
The epidemic situation in Shanghai tends to stabilize, and the consumption side improves
.
Shanghai aluminum aluminum below the reflects a certain support, may continue to fluctuate low, waiting for further news
on the situation in Russia and Ukraine.
Upper pressure 22000, lower support 19000
.
At present, the cost support of electrolytic aluminum and the post-cashing of aluminum price demand are the main reasons
supporting the rebound of aluminum prices.
Cost side: due to the stable price of alumina and thermal coal and located in a high position in the same period of history, the production cost of electrolytic aluminum remains high, taking the domestic cost of Shandong as an example, the complete cost of production per ton is estimated to be about 17,000 yuan, and the profit of electrolytic aluminum production is at the low point
of the year.
At present, the demand is generally accepted by the market, and social inventories are gradually declining, and prices are expected to continue to rebound
.
