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Market Sentiment Picks up, Aluminum May Rise on the 12th
Date: 2022-05-12 Browse:455

The original news comes from this link:https://alu.ccmn.cn/news/ZX003/202205/7af2d270c4764aef9c4fcc7635f0cc4f.html

Aluminum futures market ——European natural gas continued to rise, due to the reduction in Russia’s natural gas output and the announcement of sanctions on some European natural gas companies, which increased the uncertainty of the global energy market. Overnight, aluminum fluctuated strongly, and the latest closing price was 2,782 US dollars / ton. It closed up $12, or 0.42%, the trading volume was 14,155 hands, a decrease of 2,143 hands, and the open interest was 595,546 hands, a decrease of 704 hands. In the evening, Shanghai Aluminum ran high and fluctuated in the short-term. The latest closing price of the main monthly 2206 contract was 20,370 yuan / ton, up 350 yuan, or 1.75%.

 

The London Metal Exchange (LME) on May 11 reported that the latest inventory of aluminum in London was 553,925 tons, a decrease of 6,350 tons or 1.13% from the previous trading day.

 

Changjiang Aluminum Industry Network News: On May 11, the spot aluminum price of Changjiang Nonferrous Metals.com was quoted at 20,130 yuan/ton, up 480 yuan; Chinalco East China AOO aluminum ingot price was reported at 20,120 yuan/ton, up 480 yuan. Due to the high cost of electricity in Europe, overseas refineries have reduced production and caused supply concerns again. This concern provides some support for aluminum prices, and domestic electric vehicle sales are improving. According to data from the China Automobile Association, China’s January-April sales of new energy vehicles are year-on-year. An increase of 112.2% also boosted market confidence, and aluminum may rise today.