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Aluminum market morning comment: U.
S.
GDP growth exceeded expectations, strong interest rate hike expectations weighed on metal prices, market pessimism under the influence of last Friday's external aluminum prices continued to fall, LME three-month aluminum prices fell 2.
49% to $2234 / ton
.
Domestic aluminum prices opened low and went low, and the main 2212 contract of Shanghai aluminum fell below the 18,000 yuan / ton mark and closed at 17,970 yuan / ton
.
Trading in the spot market improved in the morning, with a sharp drop in prices provoking downstream replenishment, and holders were reluctant to sell at high prices, and the circulating supply was tight
.
The mainstream trading price in Shanghai is around 18,320 yuan / ton, which is about 30 percent lower than that of futures
.
The mainstream transaction price in Guangdong is 18460 yuan / ton
.
At present, there is no outstanding contradiction in the overall supply and demand fundamentals of the domestic market, production is slowly rebounding, imports are also rebounding, and the overall supply is increasing, but the epidemic has made shipments not smooth and market arrivals are less
.
Consumption is weak and stable
.
At present, explicit inventories are at a low level, which maintains some support
for prices.
Short-term aluminum prices are greatly affected by macro sentiment, and there is a possibility of rebound with stable sentiment, but they still fluctuate
within the range.
It is recommended to operate mainly in short-term intervals
.
