Shanghai aluminum short-term to wait and see thinking There is still some support below

Aluminum prices came under pressure yesterday, mainly due to the severe domestic epidemic caused by poor transportation and downstream starts continued to decline, and domestic aluminum consumption was less than expected
.

Domestically, the operating capacity of electrolytic aluminum has increased slightly, and it is expected that the domestic electrolytic aluminum operating capacity will reach more than 40 million tons in April, and the output will be released
in the future.

In terms of inventory, on April 11, domestic aluminum ingot stocks were 1.
061 million tons, 05,000 tons
more than last Thursday.
LME aluminum inventories fell by 5,900 tonnes from the previous session to 610,000 tonnes
on April 11.
Social library data shows that inventory has accumulated slightly, a large number of aluminum ingots are not stored in time, and the reduction in logistics efficiency directly leads to the weakening of aluminum ingots and aluminum rods, and it is expected that short-term logistics will still be difficult to alleviate
.

In terms of price, it is necessary to continue to pay attention to the progress of domestic electrolytic aluminum production and the recovery of downstream demand, the recent development of the epidemic has caused certain interference to transportation and procurement, the mismatch between domestic aluminum supply and demand continues, and it is recommended to treat it with a wait-and-see approach in the short term, but considering that the inventory at home and abroad is at a low level, coupled with the downstream cumulative orders and the postponement of the consumption season, there is still some support
below the aluminum price.