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Overnight, the main 2207 contract of Shanghai aluminum closed at 20660, down 220, and LME March aluminum closed at 2955, down 14.
5
.
Macro: The 5-year LPR rate was cut by 15 basis points to 4.
45%, and the home purchase rate was lowered again, supporting the recovery
of real estate demand.
On the 23rd, the National Assembly decided to implement 33 measures in 6 aspects to stabilize the economy
.
In terms of fundamentals, SMM stocks on the 23rd reported 941,000 tons, down 24,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 151,000 tons, down 015,000 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; cumulative exports from January to April were 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.
Recently, the US dollar has weakened due to economic downturns, while bulk supply chain problems are still continuing, commodities have gained respite, domestic economic stabilization expectations policies are frequent, and market expectations are stabilizing; Fundamentally, inventories continue to degrade, and it is recommended to go long on short-term dips, but positions and trading volume continue to decline, reflecting insufficient rebound momentum, and pay attention to the risk
of chasing long pullbacks.
