Shanghai aluminum afternoon review on May 20

In terms of fundamentals, SMM stocks on the 19th reported 965,000 tons, down 38,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 152,500 tons, down 08,500 tons from last Thursday; exports remained high in April 2022, imports declined, China exported 596,800 tons of unwrought aluminum and aluminum products in April; the cumulative export from January to April was 2.
2252 million tons, a year-on-year increase of 29.
2%, In April, imports of unwrought aluminum and aluminum products were 175,300 tons, down 21,800 tons from the previous month, and the cumulative total import volume from January to April was 708,200 tons, down 24.
9%
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, and the supply is still filling the
gap.

Many institutions lowered their US and global economic growth forecasts, overseas markets were worried about the risk of recession, the market was worried that the Fed's aggressive tightening policy was negative for the US economy, the US dollar trend fell, and interest rate hikes were difficult to solve supply chain pressures, and commodities were supported by a rebound; The epidemic situation in the domestic market is still continuing, the peak season is expected to gradually fade, the recent consumption is relatively stable, and the inventory is still degraded, but the spot transaction performance is average, the market sentiment fluctuates greatly, and the price is expected to be weak and volatile rebound, paying attention to the systemic emotional risk
of the market.