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Aluminum prices consolidated at a low level yesterday
.
Yesterday's Shanghai aluminum main contract 2206 opened at 19580 yuan / ton, rushed above 19930 yuan / ton before noon, closed slightly lower at the end, the highest price of the day was 19935 yuan / ton, and finally closed at 19845 yuan / ton, up 270 yuan, or 0.
35%,
from the previous trading day's closing price.
Overseas, aluminum buyers in the U.
S.
metal spot market have suspended new orders
due to concerns about rising inflation and a recession triggered by a supply chain crisis.
For aluminum buyers, the recent poor performance of the US economy is an important factor
in their delay in purchasing.
The US ISM manufacturing PMI came in at 57.
1 in March, missing expectations of 59 and also down from February's 58.
6, unexpectedly hitting a new low
since September 2020.
This was mainly due to new orders and a slowdown
in production.
Domestically, at present, the domestic electrolytic aluminum construction capacity is 43.
811 million tons, and the operating capacity is 40.
333 million tons, the increase is mainly reflected in
the two projects of Yunnan Hongtai, which is steadily put into operation, and Tianyang Bai Mine, which began to be electrified before Labor Day.
According to customs data in April, the export volume of unwrought aluminum was about 596,900 tons, an increase of 0.
42% month-on-month and 36.
49% year-on-year, and the export volume of unwrought aluminum and aluminum products from January to April 2022 was 2.
2252 million tons, an increase of 29.
2%
from January to April last year.
In terms of stocks, as of May 9, domestic aluminum ingot stocks were 1.
03 million tons, down 03,000 tons
from the previous week.
As of May 10, LME aluminum stocks decreased by 08,000 tons from the previous session to 560,300 tons
.
Electrolytic aluminum social stocks fell slightly month-on-month, and overseas inventories fell to about 560,000 tons, at a historical low
.
In terms of prices, SMM announced a slight decrease in domestic inventories this week, but the scale of shipments fell sharply, causing market concerns, although the cost of electrolytic aluminum in May has partially risen, but there is a lack of long-term favorable support, the pressure of resuming production on the supply side continues, and it takes time for consumption to recover, so it is recommended to wait and see in
the short term.
