April 20 Shanghai aluminum noon review

On the macro front, the domestic epidemic situation improved, while the economic data of the Statistics Bureau in March exceeded expectations, boosting market confidence
.
In March, the domestic GDP growth rate withstood the pressure of the epidemic and achieved a 4.
8% growth, and the full-caliber infrastructure investment increased by 11.
8% year-on-year, which also indicates that the infrastructure side is playing a role
as a ballast stone.
From the micro data, the negative feedback of the epidemic is showing a marginal improvement
.
On Monday, the inventory of aluminum ingots and aluminum rods was destocked, of which aluminum ingots were 24,000 tons from last Thursday, and aluminum rods were 12,000 tons
from last Thursday.

On the whole, the main downstream demand for aluminum in construction, automobiles, and new infrastructure will not disappear immediately due to the short-term lockdown of the epidemic, and the probability is to move later, so even if the current aluminum fundamental data is still more deviated than in previous years, there is no need to be overly pessimistic
.
After the epidemic eases, domestic demand can still be expected
under the support of domestic policies.
In addition, aluminum export profits are still abundant, although the recent internal and external prices began to stabilize and not further down, but the short-term domestic export advantage is still obvious, export increment in line with expectations
.
In summary, as the epidemic improves, aluminum prices will continue to fluctuate and strengthen, but it is still necessary to be vigilant against the risk of worsening the
epidemic again.