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Overnight, Shanghai aluminum gap opened low and fell, intraday volatility operation, market sentiment was weak, the main contract capital outflow of more than 500 million, closed down 1.
27%.
Under the background of stable supply and weak demand, aluminum prices maintained a volatile operation, but the successive decline of the social treasury provided some support
.
Overnight, the European Central Bank announced its latest policy decision, signaling that it would start raising interest rates, the fall in the euro rebounded the dollar, and non-ferrous metals were again
under pressure.
In addition, there are new actions in domestic epidemic prevention and control, although this round of prevention and control is more targeted, but it still has a certain impact on market sentiment, and funds have a
large outflow during the day.
The incremental growth of the supply side continues to put pressure
on the upward trend of aluminum prices.
Demand stimulated by favorable policies, the market has strong confidence in downstream consumption recovery, but it still takes time for demand to be realized, and if aluminum prices want to continue to rise, it is necessary to wait for a significant improvement in demand to push prices higher
.
In addition, aluminum exports performed better, according to data released by the General Administration of Customs of China, China's exports of unwrought aluminum and aluminum from January to May were 2,901,805.
5 tons, an increase of 34.
2% year-on-year, which supported aluminum prices
.
In addition, the recent decline in liquidity in the spot market is mainly affected by the repeated pledge of aluminum ingots circulating in the previous stage of the market, according to the media, informed sources revealed that the event had a very bad impact on the industry - the short-term sharp decline in spot trade volume, the entire trade ecosystem may be restructured, and the warehousing industry may face a reshuffle
.
For the current trend, domestic consumption continues to repair, but the consumption of the real estate sector is still a significant
drag.
Production continues to accelerate, putting pressure
on aluminum prices.
However, the library still supports
the price.
In the case of the contradiction between supply and demand is not very prominent, macro sentiment will affect the price fluctuations
repeatedly.
