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Overnight, Shanghai aluminum opened low, the main 2210 closed at 18455 down 210, and the LME March aluminum closed at 2277 down 31
.
In terms of spot, the price fell, the demand for stocking increased, and the market transaction rose steadily, with Wuxi spot quotation discount of 20 to 10 discount, and Foshan spot quotation average price to 20
premium.
The accumulation of stocks in the domestic festival is not large, and the inventory performance is still acceptable; Yunnan implemented a 10% production pressure, and the market weakened expectations for continued production cuts due to Yunnan's recent precipitation; The price fell back to around 18500, the domestic spot discount narrowed slightly, and the transaction was active, but the overall performance of the Fed's interest rate meeting next week was still dominated
by long exits.
Overseas, the US dollar's aggressive interest rate hike is expected to increase, and the short-term pressure on commodities has increased, but aluminum fundamentals are strong, supply continues to shrink, production cuts continue, demand enters the peak season, the margin has slightly improved, aluminum prices are expected to fluctuate strongly before next week's interest rate hike, it is recommended to go long
on the dip.
