Shanghai aluminum rushed back down and was greatly affected by macro and capital aspects

On Monday, the domestic electrolytic aluminum social inventory decreased by 13,000 tons from last Thursday to 1.
102 million tons, and the trend of destocking continued
.
East China spot morning trading on the month discount of 100-60 yuan / ton, the overall market transaction concentration of 20030-20070 yuan / ton, after the subsequent rise, the willingness of holders to expand discount shipments weakened, market transactions tended to decrease
.
Zhongyuan (Gongyi) market morning trading concentrated on the plate discount 170-210 yuan / ton, compared with last Friday, the discount further expanded, although Gongyi inventory continued to fall, but the local discount short-term did not narrow, which is not unrelated to
the sharp rise in absolute aluminum prices.

In terms of stocks, LME stocks stood at 1,789,700 mt on May 10, down 0.
73 million mt
from the previous day.
As of May 10, the social stock of aluminum ingots fell by 13,000 tons from last week to 1.
102 million tons
.

From a fundamental point of view, although the supply side of Inner Mongolia is still affected by the dual control of energy consumption and limited production, but with the acceleration of the pace of domestic new construction and resumption of production in the second quarter and the increase in imports, the overall supply will still increase, and the consumer side is still in the traditional peak season, except for the automotive sector due to the lack of core problems caused by the decrease in orders, the rest of the orders gradually improved, but the continuous upward price may form a strong suppression
of demand.

In terms of price, the current macro and capital face the impact of aluminum prices is obviously greater, short-term recommendations are still to bargain and do long operation
.
In addition, for a long time to come, various news of carbon neutrality and production restrictions may still form a pulse increase in aluminum prices
.