Strong support below aluminum prices, but the spot market performed lightly

At present, the market sentiment mainly lies in two aspects, one is that the domestic epidemic has spread out at many points, which has effectively affected the consumption and production of the aluminum market; Second, the Russian-Ukrainian negotiations have made significant progress, but Western countries have unanimously sung down the international situation, and overseas sanctions have gradually heated up, causing concerns
about the economic downturn.
Macro logic affects short-term markets, and trading will eventually return to fundamental logic
.

On the one hand, Russia has officially signed a decree on the settlement of gas trade in rubles, effective since April 1, and is studying a plan to stop gas supplies to Europe, indicating that the previous warnings to European countries are not just words
.
If Europe does not cooperate, the natural gas problem is difficult to solve, and the cost of aluminum plants and production reduction problems are likely to become the main logic
of market transactions.
On the other hand, the sanctions encountered by Rusal have directly opened the gap
between supply and demand in Europe.

In terms of market, the electrolytic aluminum spot market was affected by the epidemic and the performance was light, with East China market holders reporting an average price of -40~-20 yuan / ton on the Internet, and holders in the South China market reporting an average price of -20 yuan / ton
.
Yesterday's willingness to receive goods was not high, and the transaction price in the East China market was about
22630 yuan / ton.

In the short term, the domestic manufacturing data fell by 0.
7 percentage points to 49.
5%, the performance was unsatisfactory, and the rapid spread of the epidemic, the upgrading of prevention and control affected logistics and transportation, and the downstream supply and demand were weak, which dragged down aluminum prices, and aluminum was expected to decline
slightly.