Shanghai aluminum rushed back down in early trading, and the short-term was mainly wait-and-see

In terms of the market, LME aluminum spot discount was $20.
60/ton, compared with $19.
05/ton
in the previous session.
After the sharp decline in overnight trading in the month, the center of gravity of the afternoon trading rose upward, but the overall center of gravity still fell more than 2% from the previous day to around 19100 yuan / ton, East China spot trading concentrated 19100-19120 yuan / ton, the opposite plate premium 10-30 yuan / ton, after the absolute price fell sharply, the holder mainly shipped at a high price
.

In terms of stocks, LME stocks stood at 1,674,500 mt as of June 3, down 09,200 mt
from the previous session.
As of May 31, the social stock of aluminum ingots rose 14,000 tons from last week to 976,000 tons
.

Fundamentally, although the latest inventory data released at the beginning of this week showed that the destocking was interrupted, the main reason was the recent concentrated arrival, the inventory data released last day showed that the destocking trend continued, fundamentally, the impact of power rationing and production restrictions in Yunnan is still expanding, and it is not ruled out that other production restrictions are added, the consumption side is still in the traditional peak season, and the downstream just needs to replenish storage
.
In terms of price, the current macro and capital face the impact of aluminum prices is obviously greater, while the fundamentals still have strong support for prices, aluminum prices fluctuate widely, and unilateral short-term recommendations are mainly
wait-and-see.
However, in the long run, for a long time in the future, various news of carbon neutrality and production restrictions may still form a pulse increase in aluminum prices
.