The market's expectations for consumption have rebounded, and Shanghai aluminum has been strongly volatile in the short term

Today, Lun aluminum opened higher, and the LME was reported at $2,782 / ton at 15:01 Beijing time for three months, up $58, or 2.
11%,
from the previous trading day's settlement price.

In terms of the market, today's spot trading price of Yangtze River is 20810-20850 yuan / ton, up 290 yuan, discount 60-discount 20; Guangdong spot 20750-20810 yuan / ton, up 270 yuan, discount 120-discount 60; Hua reported 20870-20910 yuan / ton, up 300 yuan
.
On the first day of the holiday return, the spot market performed lightly, holders actively sold for cash, receivers still waited and watched, had no willingness to replenish goods, and the overall trading situation was not good
.

From a fundamental point of view, repeated pledge events have a significant impact on the trade link in the short term, and the impact has weakened slightly after the holiday, and spot trade is expected to recover
next week.
The increase on the supply side has slowed down, the demand side continues to improve, it is expected that the inventory of electrolytic aluminum will still deteriorate in June, and Shanghai aluminum still has rebound momentum in the short term
.
The continuous dematerialization of LME inventory and the increase in the ratio of cancellation/registered warehouse receipts make Lunaluminum have a potential risk
of forced positions.

In June and July, there is still the expectation of destocking and the expected support of macro policies on demand, and it is expected that it will not be until July to have a clearer judgment
on whether the macro physical workload has really landed.
The market is under short-term macro expectations, or short-term avoidance of bearish thinking
.
In addition, the weekend spot event is still fermenting, and it is necessary to closely observe the trading situation
in the spot market on Monday.