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Yesterday morning, the main contract of Shanghai aluminum 2206 opened at 20660 yuan / ton, the long position reduction market was the main one, bottoming out 20455 yuan / ton, the highest point of the day was 20670 yuan / ton, and finally closed at 20465 yuan / ton, down 195 yuan / ton from the previous day, down 0.
94%.
Aluminum prices were weak and volatile
yesterday.
Domestic supply basically maintained stable operation, electrolytic aluminum production capacity new slowed down, the current production capacity in Yunnan, Inner Mongolia has recovered and continued to increase, the subsequent production capacity to be restored is concentrated in Qinghai, Guangxi, it is expected that the release of production capacity will be in the second half of the year
.
Yesterday's Shanghai aluminum morning under pressure operation, South China spot market bearish mentality, the market received goods generally, and close to the long order settlement day, traders long order shipment-based, SMM Foshan aluminum price to 06 contract discount 20 yuan / ton, the average spot price recorded 20600 yuan / ton, down 220 yuan / ton
from the previous day.
In the second trading session, the trend of Shanghai aluminum is weak, the actual transaction on the network price discount 20-flat water-based, the overall transaction is general, in the short term, with the concentrated arrival of Yunnan, Guangxi and other regions, the downstream consumption growth rate of the South China market is not as expected, to the warehouse or there is a bad situation, the short-term spot discount pattern is difficult to reverse
.
In terms of inventory, on May 23, 2022, SMM counted that the domestic electrolytic aluminum social stock was 941,000 tons, down 24,000 tons
from last Thursday's inventory.
As of May 24, LME aluminum stocks fell by 9,775 tonnes from the previous session to 487,400 tonnes
.
With the improvement of the epidemic and the support of policies on transportation, domestic social inventories maintained dematerialization during the week, of which Wuxi and Gongyi continued to destock, and overseas inventories fell below 490,000 tons, at a historical low
.
Overall, the weekly destocking and the continued improvement of epidemic control support aluminum prices, but in the current weak actual demand performance, coupled with the pressure of domestic supply increments, aluminum prices are not strong to rise sharply, and aluminum prices are expected to fluctuate in the short term
.
