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As of Friday's afternoon close, the main 2204 contract of Shanghai aluminum closed up at 22830, up 720, or 3.
26%.
Domestic production capacity recovered relatively quickly, but European supply concerns still existed, and the domestic aluminum ingot social library declined, the fundamentals were still supported, superimposed on the macro atmosphere improved, Shanghai aluminum continued to run
strongly.
At the macro level, whether it is the conflict between Russia and Ukraine or the Fed's first interest rate hike in recent years, the impact on aluminum prices is relatively limited; On the one hand, there has been no substantial progress on the Russia-Ukraine issue, on the other hand, the Fed's interest rate hike is within expectations, and the market performance is calm, which also releases nervousness
to a certain extent.
In terms of the market, Yangtze River spot aluminum ingot quotation 22500-22540 yuan / ton, the average price of 22520 yuan / ton, up 440 yuan / ton from the previous trading day, the arrival volume of the South China spot market fell sharply during the week, the spot circulation remained tight, but the market rose too much, the downstream buying was general, the premium market was difficult to maintain, Foshan aluminum price to 04 contract discount 10 yuan / ton, liter discount from yesterday down 40 yuan / ton, the average spot price recorded 22550 yuan / ton, up 420 yuan / ton from yesterday, In the first trading session, the holder shipped actively, mainly on the net price discount shipment, the discount range was 30-20 yuan / ton discount, and the rear plate continued to rise to around 22800 yuan / ton, the enthusiasm of downstream entry has recovered, the market transaction has recovered, and the transaction price is concentrated around
22520-22570 yuan / ton.
In terms of stocks, the total social stock of domestic aluminum ingots on Monday (3.
14) was 1.
145 million tons, down 23,000 tons from last Thursday; the social stock of 6063 aluminum rods was 243,000 tons, down 16,500 tons
from last Thursday.
The total social stock of aluminum ingots and rods fell by 39,500 tons
from last Thursday.
On a weekly basis, inventories on Monday fell by 69,500 tons
from last Monday's total.
Domestic news, the social library ushered in the inflection point of destocking during the week, superimposed on the stimulation of strong expectations of downstream consumption, aluminum prices experienced three consecutive rises, with an increase of more than 1,000 yuan; In the future, strong fundamentals and excellent supply and demand will be the core elements to boost aluminum prices, although there is still a possibility of shock pullback during the session, but the general trend is still optimistic about the upward
trend of prices.
