Alumina prices rose and aluminum strengthened during the support period

On the macro front, since August, the central price quotation line of the RMB against the US dollar has successively taken the initiative to adjust the "counter-cyclical coefficient", and the RMB has stabilized, which has a certain positive impact
on base metals.
In terms of fundamentals, under the influence of the Alcoa WA strike incident and the maintenance shutdown of Worsley's alumina plant, the tight supply of overseas alumina has intensified, and the market's expectation of further shortage of alumina is reflected in the plate, which is reflected in the sharp rise in the price of aluminum in London, which also drives the price of aluminum in Shanghai to rise
.

In fact, since late July, Shanghai aluminum futures prices have started to rise, mainly driven up by costs
.
Since the second half of the year, the contradiction between supply and demand in the aluminum market has not been prominent, and the social inventory is in the stage of destocking, but compared with the same period of previous years, it is still in a high position, and the rise in alumina prices constitutes the main factor
for the rise in aluminum prices.
Since July, the price of alumina has risen by about 600 yuan tons, calculated by 1.
92 tons of alumina consumed per ton of electrolytic aluminum, which alone has driven the cost side up by 1152 yuan / ton
.

Recently, alumina prices have risen, mainly due to the resonance
of tightening internal and external alumina supply.
At present, the supply of alumina in overseas markets is tightened, the price continues to rise, China's alumina export prices are rising, in late August, China's part of the alumina export price converted to the domestic factory price is about 3700 yuan / ton, a new high
this year's alumina export price.
The inversion of domestic and foreign prices and the increase in exports will aggravate the tight domestic supply situation
.

Looking forward to the future market, domestic alumina is affected by the tight supply of ore, the price maintains an upward momentum, superimposed on the news of the suspension of alumina planning projects, which may interfere with the stable supply of domestic alumina in the later period
.
Based on this, under the dual benefits of cost support and the upcoming consumption season, Shanghai Aluminum will enter a stage of strong shock operation
.