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Overnight, Shanghai aluminum continued to fluctuate
in a narrow range.
At present, the rhythm of domestic destocking is still good, and the weekly destocking of aluminum ingots is about
50,000 tons.
The spot maintained a slight premium, the processing fee of aluminum rod in South China was at a high level, and the rigid demand was strong
.
The short-term Shanghai aluminum technology is weak, but the Yunnan power rationing event occurs in the peak season, and the aluminum market destocking will continue, and it is still a stocking opportunity
after the pullback.
Recently, the National Council and the China Nonferrous Metals Industry Association have frequently spoken out, repeatedly prompting the risk of commodity price increases, and the expectation of policy regulation and control has weakened the overall optimism
.
As a variety that benefited from carbon neutrality in the early stage, electrolytic aluminum also has the largest
adjustment range.
Moreover, the rumored dumping time is approaching, which has also exacerbated the market panic to a certain extent
.
In terms of demand, electrolytic aluminum shows strong resilience, social stocks continue to decline, the latest data show that inventories have fallen to around 990,000 tons, and the subsequent destocking range and rhythm are still the focus
of attention.
Due to the large decline in aluminum prices compared with before, spot trading improved on May 25, and downstream manufacturers' purchasing intentions began to pick up, but due to the frequent voices of regulatory authorities, in addition to the need to replenish goods at low prices, there was also more
wait-and-see sentiment.
Back to the fundamentals, aluminum June or ushered in a double decline in supply and demand, superimposed policy suppression and market speculation on the gradual approach of selling reserves, prices or weak shocks, it is recommended to sell short ideas at high prices, short cycle 1-2 months
.
