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This week, aluminum prices first rose and then declined, and the price center of gravity fell
sharply.
At the beginning of the week, refineries in Yunnan were required to reduce load production due to tight power supply, and aluminum prices rebounded due to supply-side regeneration interference, but then the national council spoke out again and emphasized the monitoring of the commodity market, bullish sentiment was extinguished, and Shanghai aluminum reduced its position downward
.
In the middle of the week, aluminum ingots maintained a stable destocking situation, the inventory fell by 4.
1 to 1.
02 million tons from last week, the enthusiasm for downstream procurement improved significantly, and the spot transaction increased
significantly compared with last week.
In terms of processing, profiles are the main driving force for overall consumption, orders from real estate continue to pick up, including traditional profiles and building templates, while cable companies feedback that orders received by the State Grid and South Grid have improved significantly, other sectors are mainly stable, and domestic peak season demand is maintained
.
At the supply level, the power sector in Yunnan gradually increased the proportion of smelter load reduction in the middle of the week, although there is not such a large reduction in production, but if the drought situation does not improve, the impact is still likely to expand, and at the same time, the Baotou area of Inner Mongolia due to the growth rate of industrial energy consumption reached a red alert, requiring enterprises in the region to strictly implement the production reduction requirements, which may increase the impact on production capacity, so the supply disruption continues
.
Electrolytic aluminum fundamentals remain strong recently, supply disruption continues while demand remains strong, inventories continue to decline, despite import supplementation, it is still difficult to fill the 5-6 domestic gap, and the basic price support is strong
.
However, macro and political factors put greater pressure on commodities, the preliminary value of European and American manufacturing in May is still high, and the US employment situation improves, the game on the Fed's policy will intensify, and the strict control of domestic commodity prices will continue to affect sentiment in the short term, so aluminum prices may be in a wide range, it is recommended to wait and see, or macro sentiment can be cheap after excessive pressure on aluminum prices
.
