April 22 Shanghai aluminum afternoon comment

On the macro front, the dollar index V-shaped reversal in the previous session, Powell's hawkish speech boosted the dollar index intraday, and the market's expectations of high inflation in the United States and the hawkish attitude of the Federal Reserve are expected to continue to support the greenback
.

Overseas, Australia banned the export of bauxite, alumina and related products to Russia, and the supply of aluminum ingots in foreign markets will be further reduced, and the current global supply of aluminum ingots is still tight
.

In terms of inventory, as of April 18, according to Mysteel statistics, China's electrolytic aluminum social inventory was 1.
065 million tons, down 26,000 tons
from last Thursday (April 11).

Overall, macro pressure has increased, but the overall fundamentals are firmly supported by low overseas inventories
.
The domestic epidemic affected the delay in demand, the pace of resumption of production accelerated, the rapid rebound of processing fees after the fall in the internal aluminum price suggests that the fundamentals support is strong, and Shanghai's promotion of a safe and orderly resumption of production may reflect that the low point on the consumer side has passed, but the downward pressure on the overall economy will still limit the high.

At this stage, aluminum prices are biased towards oscillatory operation
.