Domestic policy support There is not much space below the aluminum price

Night trading With some bulls closing their positions, Shanghai aluminum prices fell
again.
On the macro front, Fed officials will hold a FOMC meeting next week, and the Fed is widely expected to raise interest rates by 50 basis points
.
Fed officials have agreed to accelerate the pace of rate hikes this year, but remain divided
over when to stop raising rates to avoid a recession.

In terms of the market, according to data from the Yangtze River Nonferrous Metal Network, on April 29, the highest price of Yangtze River spot A00 aluminum was 20830, the lowest price was 20790, down 30 yuan, the average price was 20810, this Friday (April 29) aluminum prices did not rise or fall much
.

Today's aluminum price decline is limited, the holiday is approaching the morning holders rush to reduce the dumping of goods to realize, the receiver from the initial price pressure wait-and-see gradually turned to bargain procurement stock, the holder also raised the price from -40 yuan to -20 yuan, the overall transaction is not good
.
In the later period, the price fluctuated and fell, and the holders continued to follow the downward adjustment of shipments, the quotation was -60~-10 yuan, and a small amount of replenishment was made downstream, and the trading turned significantly weaker
.

In terms of inventories, LME London metal and aluminum stocks reported 571625 metric tons on April 28, down 2,925 metric tons
from the previous day.

The current epidemic continues to suppress downstream consumption, although transportation in various places is slowly recovering, but the epidemic situation in East China has not eased, and some enterprises have begun to arrange holidays before May Day, the suppression of downstream consumption still exists, and downstream construction data has not seen a significant recovery
.
The follow-up focus is still on the impact of the epidemic on transportation, if the epidemic alleviates the gray recovery of transportation, the suppressed demand in the early stage of the downstream will be released more smoothly, and the social treasury can also see a more obvious decomposition
.

Based on the logic of post-epidemic demand release, the overall second quarter from the perspective of supply and demand is in a destocking trend, superimposed overseas is still in a continuous shortage pattern, so there is not much space below the aluminum price, the May Day holiday is coming to the market to look down on the transaction degree, but the domestic stimulus policy support the bottom, Shanghai aluminum range shock operation
.
In addition, it is recommended to continue to pay attention to the situation in Russia and Ukraine, the road transport situation in various places, the pace of the Fed's interest rate hike and other factors
.