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Yesterday's domestic aluminum fell sharply, and Shanghai aluminum accelerated all the way down after falling below the previous support level of 21,000 yuan / ton
.
Specifically, the main contract 2206 opened at 21880 yuan / ton, the lowest touched 20660 yuan / ton, and closed at 20700 yuan / ton, down 1220 yuan from the previous trading day's closing price, down 5.
48%.
Aluminum prices fell under pressure yesterday, mainly due to the impact of the Fed's interest rate hike and the spread of the domestic epidemic, and the market was pessimistic
.
Overseas, the recent correction in natural gas prices, coupled with the market's concerns about the hawkish view of the Fed's interest rate hike, the surge in the dollar index has suppressed
the price of London aluminum.
In terms of domestic supply, the starting capacity of electrolytic aluminum supply continued to rise, and the increase in production capacity slowed down slightly, but the release of output continued to increase, and the supply pressure continued
.
Recently, under the policy intervention, transportation in some areas has improved slightly, and enterprises have begun to resume work and production, but consumption has not returned to normal levels
.
According to customs data in March, the export data of primary aluminum and aluminum products increased year-on-year, and it is necessary to pay attention to the interference of the epidemic on port unloading and shipping
.
In terms of stocks, as of April 25, domestic aluminum ingot stocks were 1.
016 million tons, down 05,000 tons
from the previous week.
As of April 25, LME aluminum stocks were -0.
19 million tonnes to 584,000 tonnes
from the previous week.
Domestic social library data showed a slight destocking of inventories, and overseas inventories fell to about 580,000 tons, at a historical low
.
In terms of price, the current aluminum market has a phased mismatch between supply and demand affected by the epidemic, but the decline in aluminum prices before the holiday may stimulate the downstream replenishment, and it is recommended to treat it with a wait-and-see approach in the short term
.
