Commodities rushed back down and the aluminum market was mainly volatile

Last week, aluminum prices fluctuated sharply with the futures market, and after touching 20,000 last week, they quickly dived below 18,500
.
The downstream began to receive goods, and the middlemen dumped goods and sold together
.

On the macro front, under the background of global monetary easing and gradual economic recovery, global inflation expectations have pushed up commodity prices as a whole
.
The epidemic in India and the slash of cryptocurrencies caused market panic to rise
.
Bulk industrial products have collectively fluctuated
sharply in the past two weeks.

On the supply side, most electrolytic aluminum enterprises plan to increase production in May, the current progress of increasing production is good, and domestic electrolytic aluminum production in May will rebound again compared with April; In terms of imports, sea freight has increased recently, and the price of imported ore has been partially increased but not by much
.
Import profits returned to the break-even line in May, and import volumes will also face a rebound
.
In addition, affected by the worsening of the epidemic in Southeast Asia, the closure of many ports may delay the trade and transportation of
aluminum-related products in the future.

In terms of demand, the current social inventory level of electrolytic aluminum remained at 1.
02 million tons, and 41,000 tons were destocked this week, continuing the destocking trend
.
This week's spot market circulation has benefited from the sharp decline in prices, and it is difficult for holders to continue to ship at high prices, and the decline in spot quotations is obvious, and the subsidized water has turned to flat water
.
This week's processing fees continued to be firm, while the downstream optimistic about the future market aluminum prices to choose the opportunity to bargain for procurement, the transaction is still good
.
In addition, the consumption of aluminum plate, strip foil and aluminum profiles continued to grow this week, and the operating rate rose to a nearly saturated level
.

From the perspective of industry fundamentals, Hulun aluminum inventory slowly declined, downstream demand continued to improve, and supply and demand continued
.
The short-term emotional hype in the market has come to an end
.
From the perspective of futures, Shanghai aluminum tracking commodities rushed back down, fluctuating sharply, and the 19,000-20,000 range is expected to be repeated
.
Aluminum price is mainly volatile, for reference
only.