The US dollar index rose sharply, and the operation of aluminum prices was weak

Last week, the aluminum price operation volatility was weak, after the holiday returned the official announcement of the reserve dump, the reserve dumping finally landed, in addition, although the Fed interest rate meeting did not give a TAPER schedule, but there is still a marginal tightening expectation in the details, the dollar index rose sharply, suppressing colored prices
.

Ingot inventories continued to decline last week, with weekly destocking of 2.
9 to 890,000 tonnes, while the number of warehouse receipts fell to less than 80,000 tonnes
.
The operating rate of institutional sample processing enterprises decreased slightly, and new orders in the two major sectors of construction, real estate and automobiles showed signs of marginal slowdown, but mainly due to seasonal factors, other sectors were relatively stable
.
The General Administration of Customs announced that imports of unwrought aluminum and aluminum products in May were 225,500 tons, down 56,000 tons from the previous month, and the decline is expected to be mainly caused
by the decline in primary aluminum imports.
On the supply side, the easing of power shortage has made Yunnan smelters begin to resume production, and the operating capacity margin is expected to
rise.

The center of gravity of alumina continues to rise, from the perspective of spot trading, the transaction is mainly concentrated between traders and alumina plants, the participation of electrolytic aluminum plants is limited, and the trading atmosphere is acceptable
.
At present, the operating capacity of alumina has returned to a high level, and at the same time, the new production capacity in Guangxi has recently been launched, and the support of supply and demand contradictions is not strong, but the price of raw materials such as bauxite and caustic soda has been rising recently, and the cost support is strong, and the follow-up cost situation
is concerned.

Near the end of the month, the reserve level may officially land, and the game between expectation and reality will still have a certain impact
on the price.
On the macro side, after the Fed interest rate meeting landed, the focus was on overseas macro data, and the upward trend of recovery is expected to remain
unchanged.
Returning to fundamentals, under the high interference of early supply, even after gradually entering the off-season, there is still a high probability of domestic destocking, considering the storage after selling, the inventory change will slow down, and the price is still difficult to get out of the shock range, it is recommended to be cautious and wait-and-see
.