July 2 Shanghai aluminum afternoon comment

The price of Chinalco East China AOO aluminum ingots was 14,370 yuan / ton, up 190 yuan
.
The downturn in factories in the eurozone has eased, the US manufacturing PMI has exceeded expectations, China's official manufacturing PMI and Caixin manufacturing PMI have both rebounded more than expected, and the world's major economies have begun to gradually recover; Fundamental domestic inventories continue to deteriorate, the tight supply pattern has not changed, and spot aluminum prices are expected to rise
slightly today.

At present, aluminum prices still maintain strong volatility in the game of strong reality and weak expectations
.
Domestic spot still maintained a relatively strong position, the premium is higher, although the decline rate of inventory has slowed down, but the low inventory has led to the strong ability of holders to hold prices, and the market has also maintained a "squeeze" situation
.
Although expectations for subsequent supply growth and slowing demand are difficult to achieve if they continue to be sharply bullish
.
And the spot market is also just demand-based, downstream fear of heights is obvious, more trading or traders
.

As the inventory inflection point approaches, aluminum prices are expected to come under pressure
after capital speculation.
However, at present, it is still the spot market, superimposed on the capital sentiment, the coil fabric will continue to maintain a strong pattern, and it is recommended to continue to hold more and cautiously chase more
.