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Overnight, the main 2206 contract of Shanghai aluminum closed at 20405, down 40, and LME March aluminum closed at 2882, up 47
.
Macro: Many Fed officials released hawkish signals, Powell said that in order to curb inflation, even if it has an impact on the short-term economy, he will not hesitate; Country Garden and other 3 private housing enterprises were selected by the regulator as demonstration housing enterprises to help enterprises restore their public market financing functions
.
In terms of fundamentals, SMM stocks on the 16th reported 984,000 tons, down 19,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 156,000 tons, down 05,000 tons from last Thursday; in April 2022, China exported 596,800 tons of unwrought aluminum and aluminum products; the cumulative export from January to April was 2.
2252 million tons, an increase of 29.
2% year-on-year, and exports maintained high growth in April; In March, imports of unwrought aluminum and aluminum products were 197,000 tons, down 4.
6% year-on-year, and the cumulative total import from January to March was 533,000 tons, down 19.
4%
year-on-year.
The total operating capacity of domestic electrolytic aluminum is close to 41 million tons, the supply continues to rise, and domestic demand declines, but the import of primary aluminum has basically stopped, the export demand is strong, the supply is still making up the gap, and the peak season is expected to be delayed
.
The epidemic situation in Shanghai has entered the final stage, the short-term domestic market sentiment is strong, US inflation has peaked, the US dollar trend has retraced, and the market risk aversion has weakened; Domestic fundamentals are performing well, inventories continue to decline, and peak season is expected to be good, but the short-term impact of the epidemic is difficult to solve quickly, and it is expected that the bottom of the price will fluctuate upward, and it is recommended to go long
on short-term dips.
