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Overnight, the main 2207 contract of Shanghai aluminum closed at 20295 down 25, and LME March aluminum closed at 2724, down 64
.
Macro: Biden vowed to give Fed Chairman Powell "space" to let him fight inflation, market risk aversion rebounded, and the dollar stabilized and rebounded; As the epidemic situation in Beijing and Shanghai is coming to an end, Shanghai will cancel the approval system for enterprises to resume work and production from June 1, and at the same time introduce a series of policies to stabilize foreign investment, promote consumption and expand investment
.
The vehicle purchase tax will be halved, and the CAAM expects the increase to exceed 2 million units
.
On the supply side, the profit of alumina smelting was stable, and the newly expanded production capacity was steadily landed, but the import volume was suppressed; External interference factors subsided, superimposed smelting profits are good, it is expected that electrolytic aluminum production in June will continue to be high, but costs are still supported, and there is still a gap
in imports.
In terms of consumption, with the resumption of work and production, the operating rate of aluminum processing enterprises recovered month-on-month, but overseas demand faced downward pressure
.
Last week, domestic electrolytic aluminum social stocks fell by 29,000 tons, and bonded zone stocks fell by 1,000 tons
.
Domestic electrolytic aluminum stocks resumed decomposition, but the Guangdong aluminum storage incident caused concern among spot participants, superimposed on the Dragon Boat Festival is approaching, it is recommended to resume wait-and-see
.
The Fed's interest rate hike was strongly supported by the Biden administration, and the dollar strengthened again; The epidemic in Beijing and Shanghai has come to an end, policies for stable growth, stable consumption and stable expectations have been continuously introduced, and the domestic market sentiment is stable; Fundamentally, due to the outbreak of warehouse receipt repeated pledge events, market liquidity plummeted, spot discount, although the recent inventory is still dematerializing, but the impact of the already weak spot market, it is expected that the recent domestic aluminum price by the dollar rebound and warehouse receipt event heavy pressure, the price upward resistance is large, it is recommended to go short
at the high.
