Aluminium prices stabilized for a short time and trading picked up slightly

Supported by the slight increase in London aluminium and Shanghai aluminum on the 22nd, local aluminum prices have taken a good turn, and the market volume has also been slightly enlarged. Due to the dullness of the local market, the guiding role of spot market prices in the recent trend of the city has been strengthened. At present, local sources of goods are mainly concentrated in the hands of several large manufacturers. They generally insist on the view of price shipments. Only when the price goes well can they be shipped properly. Once the price declines, they will not hold goods, which will also have a certain supporting effect on aluminum prices. Today, the trading volume in the market rebounded. The transaction range was between 16500-16600 yuan/ton. On the evening of the 21st, the central bank announced that the RMB exchange rate against the US dollar appreciated by 2% to 8.11 yuan per dollar, and the RMB exchange rate adopted a reference to a basket of currencies. As the market continued to speculate about the appreciation of the renminbi in the early period, the bearish effect of this appreciation has been digested by the market in advance and the actual impact in the short term is limited. However, this 2% increase is far below the market's forecast of 5%-10%. The expectation that the RMB appreciation will continue in the medium term will continue to exert pressure on the aluminum market.