June 6 aluminum market noon comment

There is still no clear progress in the conflict between Russia and Ukraine, and the international situation is highly uncertain
.
Crude oil continued to rise to new highs during the holiday season, with London aluminum opening sharply higher than 2% to $
2,777 today.
Shanghai aluminum may open higher with the outside market today to around
21000.
The uncertainty of the Russia-Ukraine conflict is high, the domestic epidemic tends to stabilize, and the consumption side
improves.
Shanghai aluminum aluminum under the show some support, may continue to moderate rebound
.
Upper pressure 22000, lower support 20000
.

Last week, aluminum prices were hit by the repeated pledge of Foshan aluminum ingots, which hit spot trading sentiment and increased supply risks, thus putting a lot of pressure on prices, but the current consumption replenishment still drove inventory to decline rapidly, and prices fell into shock
.
This repeated pledge event will not change the main transaction logic of aluminum prices, and the continuous delocalization of domestic and foreign aluminum inventories is an important aspect to support the price operation, while the consumption replenishment expected by the market also makes it difficult for the price to fall
deeply.
Aluminum prices are expected to rebound in the short term, with a limited height, and the main range is expected to be 20,000-22,000 yuan / ton
.