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Chuancuo Information: Macros with both bullish and bearish factors coexist, and aluminum prices’ key level moves upward

K-LinePoet
In the near term, aluminum prices’ center of gravity has moved higher. First, earlier US June nonfarm payroll data was weak, cooling rate-hike expectations for the Federal Reserve, and a weaker US dollar helped spur a rebound in aluminum prices. Then, rate-hike expectations rose again; combined with earlier news that the UAE’s Global has resumed operations, the aluminum market faces somewhat greater pressure. However, risks to shipping through the Strait of Hormuz have increased, providing a geopolitical tailwind for aluminum prices. Second, according to a survey, amid extreme weather in Guangxi, electrolytic aluminum production in the region remains normal, though logistics and transportation have been disrupted to some extent. Domestic demand is relatively weak, exports are improving, and social inventory of aluminum ingots continues to decline. In the short term, pay attention to changes in the situation in the Middle East, and it is expected that the aluminum price’s center of gravity may remain around 23,000 yuan/ton. (Zhuochuang Information)
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