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Shanghai aluminum opened slightly higher overnight, driven by the news of the Fed's interest rate hike, coupled with the reduction of inventory, the price rebounded, overnight the main force 2210 closed at 18755 up 145, LME March aluminum closed at 2223 up 20
.
In terms of spot, the spot aluminum price on the 22nd stopped falling and rebounded, Foshan spot trading was good, the quotation premium was 20 to 10 premium, and the Wuxi market quotation was unsatisfactory, and the quotation discount was 20 to 10
.
In terms of news, the US Federal Reserve announced that it raised the target range of the federal funds rate by 75 basis points to between 3% and 3.
25%, and the Fed raised interest rates by 75 basis points for the third time this year; The Fed said it would continue to push inflation back, signaling further sharp rate hikes in the future, with aggressive rate hikes by the Fed increasing the risk of
recession.
The Fed's interest rate hike statement was slightly stronger than market expectations, and the market showed a short-term effect and ushered in a rebound; Domestic aluminum production is large-scale reduction, supply is declining, inventories continue to degrade, and price support is strong, but due to the opening of the import window, Lun Aluminum is weakly affected by interest rate hikes and economic recession, suppressing the performance of Shanghai Aluminum, and it is expected that short-term aluminum price volatility is strong
.
