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On Wednesday night, international financial markets, stocks and stocks were under pressure and commodities performed strongly
.
As of the close, Lun aluminum futures were reported at 2836 US dollars / ton, up 1.
78%, domestic night trading volatility, Shanghai aluminum main contract Al2207 reported 20950 yuan / ton, up 0.
87%.
Recently, Shanghai aluminum has been led by fundamentals, and it has paid attention to the fermentation
of repeated pledge news of fundamental warehouse receipts.
Long-term fundamentals look at the European energy crisis, crude oil continues to rise, the European Russia-Ukraine war stimulates short-term demand is strong, supporting the high volatility of domestic aluminum prices
.
On the supply side, China's electrolytic aluminum output in May 2022 was 3.
435 million tons, an increase of 3.
6% year-on-year, and the average daily output increased by 800 tons month-on-month to 110,800 tons, slowing down month-on-month; from January to May 2022, the cumulative domestic electrolytic aluminum production reached 16.
199 million tons, a cumulative decrease of 0.
39%
year-on-year.
The increase in supply in May was mainly in Yunnan, Guangxi and Henan, where some enterprises resumed production slightly and put into new production, involving a production capacity of 408,000 tons
.
At the beginning of June, the national electrolytic aluminum operating capacity reached 40.
598 million tons, and the domestic effective built production capacity was 44.
365 million tons, with an operating rate of about 91.
5%.
In terms of consumption, the market maintained that it just needed to take goods, but the market transaction sentiment remained weak and the overall performance was not good
.
Overall, the policy side is actively making efforts, the demand side is expected to improve strongly, superimposed on the continuous decline in inventory, aluminum prices are expected to rise, but in view of the domestic supply-side pressure still exists, aluminum prices rise high or resistance
.
