Non-ferrous shock adjustment Shanghai aluminum continued to look for support after four consecutive negatives

From a fundamental point of view, although the supply side of Inner Mongolia is still affected by the dual control of energy consumption and limited production, but with the acceleration of the pace of domestic new construction and resumption of production in the second quarter and the recent reopening of the import window, the overall supply will still increase, the consumer side is still in the traditional peak season, except for the automotive sector due to the lack of core problems caused by the decrease in orders, the rest of the orders gradually improved, but the continuous upward price may form a strong suppression
of demand.

In terms of exports, the export volume of unwrought aluminum and aluminum products in April was 437,000 tons, a slight decrease from the previous month, or affected by the anti-dumping duties imposed on domestic aluminum in Europe and other regions, considering the strong recovery in Europe and the United States, the premium continues to rise, and exports still have room
for improvement.
On the supply side, the production reduction in Inner Mongolia in the second quarter was maintained, the new production capacity of Geely Bai Mine was increased, and the production capacity of Zhongrui and Henghui was superimposed, and the supply maintained an upward trend
.

In terms of stocks, LME stocks were 1,772,700 mt on May 12, down 08,200 mt
from the previous day.
As of May 10, the social stock of aluminum ingots fell by 13,000 tons from last week to 1.
102 million tons
.

In terms of price, the current macro and capital face the impact of aluminum prices is obviously greater, short-term recommendations are still to bargain and do long operation
.
In addition, for a long time to come, various news of carbon neutrality and production restrictions may still form a pulse increase in aluminum prices
.