On the macro front, the number of initial jobless claims rose faster than expected last week, strengthening bets that the Fed will cut interest rates later this year. Fundamentals, domestic alumina prices are supported by the shortage of raw materials; electrolytic aluminum production is stable; last week, the operating rate of domestic aluminum downstream processing leading enterprises rose slightly, of which the operating rate of profiles and cable plates rebounded, national grid orders and photovoltaic orders improved, and the weekly operating rate of supporting cable plates increased slightly. Due to the pressure of the delivery cycle and the continuous procurement of rigid demand downstream, the acceptance of relatively high aluminum prices has increased, supporting the operating rate; the operating rate of the rest of the plate is temporarily stable, and the consumption downstream of aluminum is still resilient at present. The operating rate is expected to continue to improve in the near future. In terms of inventory, overall inventory is at a low level in recent years. Spot, according to SMM, last week East China shippers mainly, the transaction is general; the Central Plains spot transactions in general, downstream rigid demand procurement, spot discount. Operational recommendations, Shanghai aluminum AL2406 contract short-term shock trading, pay attention to the pace of operation and risk control.
Researcher: Cai Yuehui
Futures qualification number: F0251444
Futures investment consulting certificate number: 20013101
Assistant researcher: Li Qiurong
Futures qualification number: F03101823
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