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Last week, the center of gravity of Shanghai aluminum continued to move down, the overall volatility between 18870-19955, after the results of the Fed interest rate meeting landed, the United Kingdom and other countries announced interest rate hikes, and the market firmly believes that the Fed will raise interest rates by another 75 basis points in July, bearish sentiment is strong, and the upward pressure on the domestic economy is also large, the Shanghai metal in the week is in a pullback trend, and the center of gravity of Shanghai aluminum also continues to move down, After falling below 19,500, it continued to fall, affected by the sharp fall in surrounding metals on Friday, the market fell again, and fell below 19,000, with a weekly cumulative decline of 4.
72%, and it is expected to continue to fluctuate at a low level in the short term
.
Last week, the overall fluctuation of Lun aluminum between 2462-2560 US dollars, running in a box trend
.
Although Lun aluminum stopped falling and rose slightly, but the intraweek plate was still affected by the results of last week's Fed interest rate meeting, raising interest rates by 75 funds beyond expectations, and then under the influence of interest rate hikes in many countries, investors are worried about the world economic outlook, metal demand will also be affected, the disk action is obviously insufficient, and the probability of continuing to raise interest rates by 75 basis points in July is greater, the latest European and American PMI preliminary data is significantly lower than the previous value and expectations, investor mentality has also been greatly affected, it is expected that short-term Lun aluminum will remain low, Or oscillating between
$2400-2600.
In terms of the market, the market pessimistic atmosphere is heavier, traders are weakened to receive goods, downstream enterprises are also cautious in entering the market, a small number of on-demand is the mainstay, and the transaction is limited
.
East China: Market demand recovery is less than expected, inflation continues to ferment, the negative sentiment brought by the recession crisis still dominates the market, aluminum prices continued to fall last week, in just two weeks, aluminum prices fell 1340 yuan / ton
.
As of Friday, spot aluminum prices in East China were 19140-19180 yuan / ton, down 750 yuan / ton from the previous month, and spot rose slightly by 20
.
South China: As of Friday, Foshan Nanhai aluminum ingot ticket price between 19350-19450 yuan / ton, down 800 yuan / ton from the previous month, the current East China South China aluminum ingot price difference is 240 yuan / ton, traders are not confident in the future market, fast forward and fast out operations, downstream enterprises bargain on demand procurement, stockpiling enterprises few
.
Overall, aluminum prices fell sharply last week, with Shanghai aluminum falling by 4.
58% and Lun aluminum falling by 1.
9%; Macro pressure surged again during the week, after the end of the wave of interest rate hikes due to the data of various countries did not meet expectations, the risk of recession increased, market bears prevailed, although the low domestic inventory has some support for the price, but Shanghai aluminum has not yet held the 19,000 mark, short-term expected trend is still low operation, Shanghai aluminum focus on 1.
85-19,300, Lun aluminum 2400-2480 US dollars
.
