Price.Yesterday’s overnight aluminum prices opened high to a maximum of 20,890 yuan / ton after continued to fall, as of May 31, 1:00 closing, Shanghai aluminum main contract at 20,740 yuan / ton, down 5 yuan / ton, down 0.02%. LME aluminum prices at $ 2880 / ton, up $ 11.5, or 0.40%. May 30 Yangtze River A00 aluminum ingot spot offer 20,750 yuan / ton, down 50 yuan / ton compared to the previous day. The monthly average price for June was 20,676.7 yuan per ton.
2. National financial support to stabilize the economy work conference held: the meeting required to ensure that the new special bonds this year by the end of June basically issued, and strive to be basically used by the end of August; phased reduction of part of the passenger car purchase tax of 60 billion yuan to further boost auto consumption, etc.
3. The EU reached an embargo on Russian oil: European Council President: the EU has reached an agreement on the embargo on Russian oil. On the evening of 30 local time, European Council President Michel said on social media that the EU has reached a consensus on the imposition of an oil embargo on Russia, which “will immediately cover two-thirds of the EU’s oil imports from Russia.”
Fundamentals.
1. Aluminum inventory continues to de-stocking: May 30 according to Mysteel statistics: China electrolytic aluminum social inventory reported 954,000 tons, down 14,000 tons compared to last Thursday. China’s main regions electrolytic aluminum out of storage (5.22-5.29) about 169,000 tons, compared with the previous data increased by 15,000 tons, 145,000 tons in the same period last year. By region, Foshan, Gongyi area out of storage volume increased significantly; Shanghai, Wuxi, Hangzhou, Chongqing, Changzhou area out of storage volume increased slightly. LME aluminum inventory fell to 465,000 tons.
2. Spot transaction situation: yesterday, East China spot quotes basically stable, spot flat water or so shipments; Zhongyuan (Gongyi) area aluminum ingot spot lift compared to SMMA00 aluminum ingot quotes +10 yuan / ton, the market feedback is general, and near the Dragon Boat Festival holiday, the market is not active in the mood of stocking, mostly just need to take goods.
Post time: May-31-2022