May 5 aluminum market noon review

Overnight, Lun aluminum opened low and high, rising to close in Zhongyang, opening slightly higher at $3,011 today
.
During the holiday, London aluminum accumulated a decline of about 1.
7%, and Shanghai aluminum may open lower with the external market today to around
20600.
The Russia-Ukraine conflict is still fierce and market uncertainty is high
.
Shanghai aluminum short-term volatility, the epidemic situation in Shanghai tends to stabilize in the medium term, market sentiment improves, and it is expected to gradually rebound
.
Upper pressure 24000, lower support 20000
.

The US ISM manufacturing PMI for April released during May Day was significantly lower than expected, unexpectedly refreshing the new low since September 2020, and the new orders index and production index updated the lowest in May 2020 when they updated March, showing signs of weak commodity demand, and the aluminum external market fell sharply
.
Domestically, affected by the epidemic, warehouses in some areas have been locked, shipments have been affected, and the speed of aluminum destocking has slowed down, while under the influence of the epidemic, the market is full of concerns
about domestic aftermarket consumption expectations.
However, in the case of overseas gaps, China's aluminum export market prospects are still good
.
Supply side: It is expected that domestic daily production in May will rebound greatly, and overseas aluminum interference will still be large
.
Consumption: Downstream demand has slowed
down due to the impact of the epidemic.

In the medium and long term, domestic supply is growing steadily, the market has expectations for the marginal relaxation of real estate policies, the country's future UHV construction scale is unprecedented, the market is expected to be good for aluminum demand, and aluminum prices remain optimistic
in the long term.