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On Wednesday, the main monthly 1812 contract of Shanghai aluminum opened at 14170 yuan, with an intraday high of 14285 yuan and a low of 14150 yuan, and closed at 14250 at the end, up 80 yuan / ton
from the previous trading day.
Domestic alumina reduction began, future production release or slowdown, Shanghai aluminum rose slightly during the day, the market has no obvious support, the market rebound momentum is insufficient, it is expected to maintain the shock market in the short term
.
Externally, the volatile geopolitical situation caused oil prices to fall sharply, and the spread of market panic limited the rebound in aluminum prices, intraday aluminum rose slightly, and the upper support focused on $
2100.
At 15:47 Beijing time, LME 3-month aluminum was $2,010, up $7 from the previous session
.
In terms of the market, the spot trading price of Yangtze River was 14180-14220 yuan / ton, up 80 yuan / ton; Guangdong South Reserve reported 14170-14270 yuan / ton, up 90 yuan / ton; Hua reported 14280-14300 yuan / ton, up 80 yuan / ton; The average domestic spot trading price is between
14180-14220 yuan / ton.
Aluminum rose slightly during the day, cargo holders are still active, middlemen's willingness to receive goods has improved, and market transactions are acceptable
.
In terms of alumina, the price is temporarily in a low position, some alumina companies began flexible production, the price of alumina may stabilize in the later period, and the cost support has been loosened
.
Aluminum ingot inventories at the consumer end have decreased, and aluminum prices have recovered
slightly.
However, the speed of destocking has been reduced, and the performance of the consumer side is weak
.
It is expected that some electrolytic aluminum production capacity will still be put into production in the future, and there will be a slight oversupply situation
.
In terms of news, global stock markets fell sharply, European stocks tumbled, U.
S.
stocks began to rebound sharply at midday, the Nasdaq fell 2.
7% in early trading and once recovered all lost ground, and the dollar trend was weaker
overnight.
At present, the price of alumina on the cost side has stopped falling, and the suppression of aluminum prices has weakened, but demand is weak, the news is relatively calm, and the rebound momentum is also insufficient, and it is difficult for Shanghai aluminum materials to have a big breakthrough, and the main force is still concerned about the range of 1.
4-14,500; it is expected that tomorrow's spot aluminum will not fluctuate much
.
