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Aluminum market morning comment: the Fed is expected to expand interest rate hikes to push up the dollar to a new high, but also intensified market concerns about the economy, hit commodity prices, the external aluminum price fell to $2595 / ton on Monday, closing at $2637 / ton
.
Shanghai aluminum rebounded in the night session, and the market has optimistic expectations
for the repair of the domestic economy.
The main 2207 contract of Shanghai aluminum closed above 20070 yuan / ton
.
Trading in the spot market is still limited, and the sharp drop in prices stimulates downstream pick-ups, and holders are reluctant to sell, but trading between traders is still suppressed
by warehousing events.
The mainstream trading price in Shanghai is 20,100 yuan / ton, which is about 50 lower than the futures
.
The mainstream transaction price in Guangdong is around 20,000 yuan / ton
.
As the domestic economy recovers from the epidemic and the superimposed stimulus policies land, domestic aluminum consumption continues to improve, supporting aluminum prices
.
However, external drags and production growth pressure remain.
In the short term, domestic aluminum prices still have repeats
.
In the medium term, supply-side pressure tends to increase, and the price center of gravity shifts
downward.
