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Overnight, the main force of Shanghai aluminum 2208 closed at 17770, down 260, and LME aluminum closed at 2385, down 42; Macro aspect: Gazprom informed some European customers that natural gas supply encountered force majeure; EU loosens fertilizer and food sanctions against Russia; The dollar continued to retreat to around
106.
7 points as expectations of a 50 basis point rate hike in the eurozone increased, and Fed officials cooled their aggressive rate hikes.
In terms of fundamentals, SMM stocks on the 18th reported 682,000 tons, down 15,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 111,000 tons, down 02,500 tons from last Thursday; exports remained high in June 2022, and China exported 607,400 tons of unwrought aluminum and aluminum in June, down about 70,000 tons from the previous month; the cumulative export from January to June was 3.
5091 million tons, a year-on-year increase of 34.
1%, In May, imports of unwrought aluminum and aluminum products were 188,500 tons, an increase of 13,200 tons from the previous month, and the cumulative import volume from January to May was 896,700 tons, a year-on-year decrease of 23.
2%.
A year-on-year decrease of 24.
9
%.
On the 19th, spot continued to weaken, and Foshan discount expanded, reflecting general market demand
.
The euro rate hike and the Fed cooling down next week's aggressive rate hike, the dollar index pullback, commodities short-term respite; However, after the rebound of aluminum, the transaction quickly deteriorated, the support was weak, and the short-term shock of aluminum prices is expected to be weak
.
