LME aluminium inventories continue to fall! The euro fell to a new low, the dollar hit a new high, most of the non-ferrous metals fell!

LME aluminum inventories were 336,850 tons, down 3,450 tons, as LME inventories continued to decline.

After the RELEASE of 9.1% CPI data in the US, the market was severely impacted. Fed officials played down the possibility of a 100 basis point rate hike. Despite high inflation, the Fed needs to balance market expectations without overreacting, so the policy tightrope continues to rise and the dollar remains strong in the short term.

The European Commission announced another cut in its growth forecast for the European Union and predicted inflation would hit another record high. Italy's prime minister announced his resignation, further undermining market sentiment. Overnight euro drop hit a new low, the dollar hit a new high, most non-ferrous metals fall.

As much as 1.26 million tons of overseas electrolytic aluminum production capacity has been reduced, 76% of which is located in Europe. At the same time, Russia has repeatedly reduced the supply of natural gas, and the shortage of natural gas in Europe has been very serious, which has pushed up the price of natural gas, resulting in high electricity costs, which can be supported by overseas costs.

Nord Stream 1 officially stopped gas transmission on Monday, TTF gas prices remain high, suspension of 10 days or longer has become the focus of the game.

Gas prices could more than triple and people must be technologically and economically prepared, the head of Germany's energy regulator, The Federal Network Agency, warned on Thursday.

According to CRU, new orders data from the Aluminum Association showed that total new orders in June were down 4.5% from the same month in 2021. Signs of demand in Europe and the United States are gradually cashed in. Yesterday's premium report showed that European and US trade premiums began their seventh consecutive week of decline. P1020 in the Midwest saw its biggest drop of the year, falling 2 cents to 28.5-29 cents a pound, near levels seen before the conflict between Russia and Ukraine. Rotterdam's unpaid and paid premiums fell $10 a tonne to $450-470 and $530-570 a tonne, respectively, down $60 a tonne from the May peak.

In June 2022, China exported 607,400 tons of unwrought aluminum and aluminum materials in June, down about 70,000 tons month-on-month. From January to June, the cumulative export was 3,509,100 tons, up 34.1% year on year. In June, the import of unwrought aluminum and aluminum materials was 188,500 tons, up 13,200 tons month on month. From January to May, the cumulative import was 896,700 tons, down 23.2% year on year. The year-on-year decrease was 24.9%.

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