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Panic, aluminum prices continue to weaken
Southern Reserve Information: LME three-month aluminum still hovered below the target of US$1,800, closing at 1,767 per tonne. The local aluminum market is in panic. In the morning, the market price was confusing. Because the price dropped too fast, the big manufacturers were unwilling to adjust the aluminum prices too low and began to show their reluctance to sell. In the mindset of buying up or not buying, the market consumption is also extremely light, and there are few actual transactions in the market. Today's trading range is between yuan/ton. Market rumors that July 1 will cancel the preferential treatment of processing trade, causing the market to panic. However, the heavy rains in recent days have also greatly affected railway transport, and the arrival of aluminum ingots is still small. It is believed that the extremely low inventory will play a buffer role in the late-stage downtrend, and it is unlikely that the aluminum price will continue to plunge.