Aluminum prices rushed back down and prices entered a new volatile range

From a macro perspective, under the background of global monetary easing and gradual economic recovery, global inflation expectations have pushed up the price of bulk industrial products as a whole
.
Biden's fiscal stimulus policy has gradually landed, and the 2 trillion yuan of infrastructure materials in the United States has a significant pulling effect
on the demand for industrial products.
From a fundamental point of view, Hulun aluminum inventory slowly declined, downstream demand continued to improve, and the situation of supply and demand continued
.
The market continues to speculate about the impact of carbon neutrality policies on industrial products, and aluminum prices as a whole maintain an upward trend
.

From the perspective of futures, Shanghai aluminum followed the collective acceleration of bulk industrial products to an important resistance area and then fell back in resistance, fluctuating sharply, and it is expected to be repeated
around 20,000.
It is still necessary to pay attention to the subsequent liquidity situation and the impact of the national level on the market, the current aluminum price is range-bound, if the subsequent price falls again, it may turn around, but the aluminum fundamentals still maintain a strong trend, continue to be in the state of destocking and the destocking range is large, there is a strong bottom support for the aluminum price, so the space for the aluminum price pullback will not be too large
.
In the long run, this year's aluminum export side is still the main reason for aluminum consumption, and the long-term aluminum price trend center of gravity is expected to remain high under the condition of domestic capacity ceiling restrictions
.
Follow-up suggestions pay attention to the "lack of cores" of automobiles and the situation of national reserve dumping
.