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Yesterday's Shanghai aluminum main 07 contract opened at 20575 yuan / ton in the morning, touching a high of 20630 yuan / ton in the day, but due to the general trading in the spot market, Shanghai aluminum rising momentum is obviously insufficient, around 20550 yuan / ton in a narrow range of shock, the lowest point 20470 yuan / ton, and finally closed at 20500 yuan / ton, down 65 yuan / ton from the previous day, down 0.
32%.
Yesterday's aluminum prices fluctuated in a narrow range, mainly stimulated by the continuous dematerialization of social inventories and domestic macro favorable policies, but the upward pressure is still obvious
.
Domestic electrolytic aluminum production capacity has slowed down, the current production capacity in Yunnan and Inner Mongolia has recovered and continued to increase, the subsequent production capacity to be restored is concentrated in Qinghai and Guangxi, and it is expected that the production capacity release will be in the second half of the year
.
In terms of consumption, China's aluminum strip exports in April 2022 were 329,000 tons, a year-on-year increase of 52%.
It is expected that from May to June, affected by the disruption of the domestic epidemic and the recovery of overseas aluminum strip manufacturers, domestic aluminum strip exports may decline
month-on-month.
In terms of inventory, on May 26, 2022, SMM counted that the domestic electrolytic aluminum social inventory was 936,000 tons, down 29,000 tons
from last Thursday's inventory.
As of May 25, LME aluminium stocks fell by 6,000 tonnes from the previous session to 475,600 tonnes
.
With the improvement of the epidemic and the support of policies on transportation, domestic social inventories remained depleted during the week, and overseas inventories fell below 480,000 tons, at a historical low
.
Overall, the domestic aluminum social inventory maintained a destocked state, but the current overall weak pessimism of industrial products and the increase in aluminum supply still interferes with the entry of long funds, short-term Shanghai aluminum sharp upward momentum is insufficient, this week the domestic aluminum downstream processing leading enterprises operating rate increased by 2.
7% to 61.
8% compared with last week, the follow-up still needs to pay attention to the recovery of consumption stimulated by policies, it is recommended to wait and see in
the short term.
