The pattern of Shanghai aluminum external strength and internal weakness continues to be treated with a wait-and-see idea for the time being

Aluminum prices fluctuated at a daily low yesterday, and rebounded
slightly overnight.
Overseas, the Fed's situation in Russia and Ukraine is repeated, and it is expected that the energy shortage problem will be difficult to solve
in the short term.

On the supply side, driven by high profits and abundant hydropower resources, domestic electrolytic aluminum operating capacity continues to rise, and Yunnan, Shanxi, Guangxi, Qinghai and other places have increased production capacity release, which has put certain pressure
on aluminum prices.

In terms of demand, the number of infection cases in Shanghai and other places is still rising, and the current epidemic is still operating at a high level and the scope has expanded, causing great interference
to the aluminum industry chain.
Among them, the flow of goods in Wuxi and other regions is restricted; Aluminum processing and production enterprises in Shandong and Henan have declined in production due to transportation obstruction; In addition, a recent accident occurred in a processing enterprise in Qingyuan, Guangdong, and the demand in the area due to safety production requirements declined, resulting in a phased recovery of aluminum ingot social inventory
.

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 rose 925 tonnes from the previous session to 610,000 tonnes
on April 11.

In terms of price, in the short term, the pattern of strong outside the aluminum market and weak inside the market continues, it is recommended to treat it with a wait-and-see approach, and it is necessary to pay attention to the development inflection point of the epidemic and the enthusiasm of spot purchases after the correction of aluminum prices
.