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Last week, affected by the plunge in copper prices, aluminum prices fell sharply, Shanghai aluminum fell below 10,000 US dollars, and Lun aluminum fell below
1600 US dollars.
The short-term price trend of non-ferrous metals follows the risk point to copper, aluminum has fallen below the cost line of the whole industry, the supply-side capacity operation has decreased, and the subsequent or affected the launch
of new capacity.
Under the over-fall, it is not recommended to chase shorts, and short positions are mainly
wait-and-see.
Spot: As of last Friday, the spot aluminum price in East China was 11,790 yuan / ton, down 860 yuan from last Friday, and the futures discount was 60; Downstream processing enterprises generally have fewer orders due to poor consumption, and the start recovery has encountered bottlenecks, short-term aluminum prices are weak and the idea remains unchanged, next week's spot aluminum focus on 11700-12000; Buy-on-demand is the mainstay
.
Industry News:
1.
According to RIA Novosti, on the 21st local time, the Russian Ministry of Emergency Situations released news that a fire
broke out in the warehouse of the Dmitrov aluminum factory on the outskirts of Moscow.
The roof of the warehouse collapsed as a whole, the area of fire has exceeded 60,000 square meters, and the area of building burned has reached 80%, which is a high-level fire, but there are no casualties
.
Russia's Ministry of Emergency Situations has dispatched 73 firefighters and 22 rescue equipment to fight the fire, including firetrucks and firefighting aircraft
.
2.
It is reported that Liupanshui Shuangyuan Aluminum Co.
, Ltd.
has stopped production of 33 sets of 240KA electrolyzers in the early stage, and plans to reduce production by 50 units in the near future, involving a production capacity of about 30,000 tons
.
Manufacturers feedback that the electricity price in the region has always been higher than the industry average, the pressure on the operating cost of enterprises is prominent, and the current aluminum price continues to fall, and they can only choose to repair the groove in advance and partially stop production
.
Gansu Dongxing Aluminum Jiayuguan Branch recently began centralized maintenance, planning to overhaul 70 500KA electrolyzers, involving a production capacity of about 90,000 tons; Longxi Branch repairs 240KA electrolyzers with 20 sets, involving a production capacity of about 12,000 tons
.
It is not possible to continue working, so production cuts are being weighed and may be temporarily closed
if things get worse.
According to Rusal officials, the annual production capacity of the Aughinish alumina plant is 1.
915 million tons
.
Last week, both internal and external aluminum prices fell to a new low since September 2016, the overseas epidemic spread wildly, panic is difficult to dissipate, global financial turmoil will continue, referring to the situation in 2008 and 2015, commodities are difficult to bottom.
After the aluminum price fell below the cash cost, aluminum plants began to repair and reduce production, but it was not enough to change the relationship between supply and demand, domestic consumption was temporarily difficult to fully recover, overseas consumption expectations were greatly set, and it was extremely
difficult for the industry to digest nearly 2.
5 million tons of inventory.
It remains to be seen
whether the national storage can be reproduced.
Short-term recommendations are temporarily wait-and-see, and short orders in the early stage continue to be held
.
