The trend of the May Day external market is weak, and the pressure on aluminum prices still exists

On the demand side, Guangdong as the representative of the construction aluminum profile orders are abundant, close to full production, plate enterprises are helped by the medical device industry orders significantly increased, cable companies benefit from the State Grid project, orders are sufficient
.
On the supply side, due to the early active reduction of production and the postponement of the resumption of production, the short-term pressure is limited, and the fundamentals of the aluminum market are strong
in stages under the mismatch of supply and demand.

At present, it is still in the peak season of aluminum consumption, downstream to take goods actively, aluminum rod processing fees remain high, aluminum profile enterprises procurement is still difficult, this situation or continue until mid-May, so before that, spot and near-month contracts or still maintain a high level of volatility, and after mid-May, the aluminum profile industry gradually enters the off-season, downstream orders will also ease the pressure on aluminum rod supply, so the upper pressure of aluminum price near-month contracts is 13000, and remote monthly contracts are in the 12500 line of
competition.

From the perspective of inventory, the social inventory in the first three weeks maintained a high-speed dematerialization state (160,000 tons per week), and the May Day holiday factors may temporarily slow down the dematerialization speed, which constitutes a short-term small negative
for the price.
The recent continuous rebound in alumina prices on the cost side has provided support for aluminum prices
.
Therefore, aluminum prices are currently under pressure and are supported
.