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Last Friday night, the main force of Shanghai aluminum rushed to a maximum of 21905 yuan / ton before falling, and finally closed at 21755 yuan / ton, only recording an increase of 10 yuan / ton
.
Last week, aluminum prices bottomed out, and Shanghai aluminum recorded a weekly increase of 25 yuan / ton; Lun aluminum fell 73 US dollars / ton, down 2.
16%.
In terms of news, the central bank decided to cut the reserve requirement ratio by 0.
25 percentage points on April 25, releasing about 530 billion
yuan of long-term funds.
This RRR cut is the first time in the history of the central bank to cut the 25bp range
.
It implies that the current overall domestic liquidity is not urgent, and structural monetary policy adjustment may be the main theme
.
Shanghai issued epidemic prevention and control guidelines for industrial enterprises to resume work and production, supporting enterprises to resume production in a safe and orderly manner under prevention and control conditions, and releasing positive signals
.
In terms of the market, aluminum prices have recently bottomed out, and there has been some rigid long-term demand for consumption in East China, and transactions in South China and Gongyi have improved
.
After the aluminum rod market processing fee rose sharply, it was consolidated, and the shipment situation was acceptable
.
It is implied that the aluminum price has strong support
at 21,000 yuan / ton first-line spot.
In terms of inventory, the new crown pneumonia epidemic has affected the shipment of aluminum ingots to the central and eastern regions of China and the outbound shipments in the eastern region, while the current inventory of major semi-finished products is relatively high, and the production reduction of aluminum processing enterprises and customers who are difficult to deliver products still exists
.
Under the comprehensive influence, the aluminum ingot social library decreased slightly by 3,000 tons to 1.
063 million tons compared with last Thursday, and the destocking in the peak season has not yet been launched, but the accumulation is not large, and once the epidemic eases, it may quickly usher in a turning point
.
On the demand side, after the weakening of aluminum prices this week, it has driven downstream procurement and stocking, and shipments have increased, and downstream manufacturers in Wuxi affected by the epidemic are still in a state
of accumulation.
Overall, the demand side has improved with weaker prices
.
Overall, the domestic epidemic has affected demand, the pace of resumption of production has accelerated, and the peak season has been further delayed
.
However, the rapid rebound of processing fees after the fall in aluminum prices suggests that the fundamentals support is strong, and Shanghai is promoting a safe and orderly resumption of production, which may reflect that the low point of the consumer side has passed, and the inflection point of the development of the epidemic and the enthusiasm of spot procurement are inflection
.
