Aluminum ingot price is down recently ,and USD up to 6.7 to RMB
On Friday night, Shanghai Aluminum opened lower and moved lower, but then the gap was repaired with shocks, which was obviously more resistant than the trend in the outer market.
On the macro side, the RMB maintains a rapid depreciation trend, and overseas expectations are that the probability of the Fed raising interest rates by 50 basis points in June exceeds 80%.
Referring to the trend of US stocks and LME metals, the sentiment has not improved; in terms of spot transactions, the spot market last Thursday and Friday The transaction performance is good, the terminal enterprises maintain the rigid demand for purchases, and the speculative demand has improved.
After the absolute price fell, some traders showed signs of bottom-hunting. The terminals in Wuxi and Foshan replenished the inventory on weekends, and the premium in Gongyi fell sharply.
This weekend, terminal enterprises took delivery of goods. The data is good, and the outbound flow is good; on the supply side, the recent increase in operating capacity has been suspended, the rapid production period has passed, and recently it has entered the production release period and slow growth stage; on the demand side, the output of 6063 series aluminum rods in April was 1,191,500 tons, a year-on-year increase It fell by 7.64%, which is mutually verified with the pessimistic data on real estate construction.
