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Overnight, Shanghai aluminum performance was volatile
.
Non-ferrous metals may come under pressure
today with policy signals signaling a policy turn in the Fed's interest rate decision, and the dollar and U.
S.
Treasury yields recovering sharply.
Yesterday's official storage news came out, basically consistent with the information transmitted on Friday, the market's expectations for aluminum storage have been relatively sufficient, only waiting for the final hammer
of the total amount and method of release.
According to the current news, the gap in the market in June and July is still there, and the destocking will continue, and Shanghai aluminum is expected to remain at a high level, temporarily treated with 18,000-19,000 yuan shock
.
On the macro front, the Fed's monetary policy has entered a swing stage, but inflation expectations still exist, and the two-way volatility of metals has increased; Domestic production reduction caused by supply shortage, consumption is strong, destocking will still maintain high-speed de-transformation, recommended range operation, low inventory state of Shanghai aluminum squeeze is expected to increase, can be appropriately bought near and far away
.
In terms of fundamentals, the inventory on the 15th reported 894,000 tons, down 2.
5 from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 112,000 tons, an increase of 11,500 tons from last Thursday; since May, Inner Mongolia, Yunnan, Guizhou and other provinces and regions will reduce production by 1 million tons, and the production reduction will lead to increased supply shortage expectations; The market confirmed that the dumping of reserves landed, and the direct supply of terminal enterprises in batches every month lasted until the end of the year; In May, the export of unwrought aluminum and aluminum products was 439,000 tons, a slight increase of 01,800 tons from the previous month, and the export performance was stable
.
