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Shanghai aluminum fell sharply last week, and the intraday aluminum price fell below the 22,000 support and continued to fall, with the lowest once reaching 21450 yuan / ton; As of Friday's close, the main 2205 contract of Shanghai aluminum closed down at 21825, a cumulative weekly decline of 3.
6%.
In terms of external trading, the overall performance of London aluminum last week was stable and weak, and the price of London aluminum did not rebound significantly during the session, and the upward impulse energy was obviously insufficient, as of Friday, the cumulative decline reached 0.
7%; During the week, due to the Fed's most official "hawkish" remarks, the market sentiment weakened significantly, and the easing of the Russian-Ukrainian war also released market pressure, and the price of London aluminum was under pressure to pullback; However, it is worth noting that the current non-ferrous metal inventories mostly maintain a historical low, and with the continuation of mutual sanctions between Europe, the United States and Russia, the hidden danger of overseas supply impact still exists, which is not directly reflected in the price side, but there is a possibility
that the aluminum price will rise again.
Although there was no obvious interference in the supply side, due to the obvious geographical differentiation of aluminum ingot demand, the epidemic situation in East China, as the mainstream consumption place, was more complicated, the traffic restrictions were serious, and the demand for electrolytic aluminum was forced to decrease; This is also one of the main factors leading to the phased weakening of aluminum prices; In addition to domestic factors, the current continuous decline in overseas inventories has not been realized to the price side, which still needs to be vigilant and beware of a subsequent "demon nickel" rise
.
In the spot market, prices fell, and downstream enterprises were willing to replenish stocks after the holiday, but due to traffic control, electrolytic aluminum transportation in Jiangsu, Shanghai and other places was blocked, and the actual transaction improved little
.
East China, some cities in East China epidemic is more serious, market demand weakened, coupled with the impact of panic, after the Qingming Festival electrolytic aluminum price ushered in a continuous 3-day decline market, and the decline is large, as of Friday, East China spot aluminum price between 21780-21820 yuan / ton, down 930 yuan / ton, spot discount 50 yuan / ton
.
In South China, as of Friday, the price of Foshan Nanhai aluminum ingots with tickets was between 22040-22140 yuan / ton, down 910 yuan / ton from the previous month, and the current price difference between aluminum ingots in East and South China is about 290 yuan, and the price difference has narrowed significantly; In terms of market transactions, the South China market transaction is significantly better than that in East China, the price has fallen, and the willingness of downstream enterprises to replenish stocks is higher
.
On the whole, Shanghai aluminum short-term in the poor demand under obvious pressure, or performance impulse energy is insufficient, but the future market is still optimistic about the price higher, the main force next week reference fluctuation range 21500-22300 range
.
