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Yesterday, the main 2003 contract of Shanghai aluminum opened at 13,770 yuan / ton, and quickly fell to around 13,715 yuan / ton at the beginning of the session, and then maintained a narrow range of fluctuations near the current price, with an intraday shock of less than 100 yuan, and closed at 13,705 yuan / ton, down 0.
29%, the trading volume was reduced to 21,000 lots, the position was reduced to 85,000 lots, and night trading continued to be suspended, and the recovery time was uncertain
.
Spot inventories continue to accumulate, aluminum prices fell for the second consecutive day, but the decline is not large, it is expected that the main operating range of Shanghai aluminum today will remain at 13600-13800 yuan / ton
.
At the macro level, the previous improvement in epidemic data and the landing of a series of policy measures boosted market sentiment; On the cost side, the price of alumina rose slightly this week, affected by the epidemic, the production of some alumina companies was also affected, and the price may rise slightly in the later period, thereby supporting the cost side of electrolytic aluminum; On the supply side, due to the impact of the epidemic, the transportation of raw materials has been blocked, and aluminum companies that have begun to resume production in the early stage and newly put into production have postponed the resumption of production in order to maintain normal production
.
As things stand, supply pressure may not be released in the short term; On the demand side, the latest aluminum ingot social inventory of 1.
093 million tons, compared with 148,000 tons last Thursday, the accumulation continued, and aluminum prices were under short-term pressure
.
At present, downstream processing enterprises have postponed the resumption of work, and it is not ruled out that the downstream industry will continue to postpone the resumption of work, and short-term inventory will put pressure on aluminum prices
.
In the short term, inventories continue to pressure aluminum prices, but in the later downstream recovery, supply and demand mismatch situation, aluminum prices have a large upside, it is recommended to bargain layout long
.
