Aluminum ingot inventories have rebounded, and Shanghai aluminum is running weakly

Today's Lun aluminum weak shock, LME three-month Beijing time at 15:01 at 2894 US dollars / ton, down 9 US dollars, or 0.
29%
from the previous trading day's settlement price.

Today's spot trading price of Yangtze River is 22460-22500 yuan / ton, down 450 yuan; Guangdong South Reserve reported 22460-22520 yuan / ton, down 460 yuan; Hua reported 22520-22560 yuan / ton, down 440 yuan
.
Bearish sentiment of cargo holders strengthens price adjustment, demand from receiving parties is still weak, on-demand purchases, poor trading conditions, and weak transaction activity
.

As of the week of September 24, the social inventory of aluminum ingots increased by 23,000 tons month-on-month to 789,000 tons; the long impact cycle of power cuts and production restrictions dragged aluminum ingots to the warehouse, and the popularity of the aluminum market was cautious, and aluminum or fell
now.

Affected by limited electricity, the downstream operating rate continued to fall, the aluminum price high altitude range stabilized, the downstream just needed procurement, and the transaction was not active
.
In terms of processing fees, yesterday's aluminum rod processing fee was adjusted by 250-290 yuan / ton across the board; The processing cost of aluminum rod fell steadily, and the Inner Mongolia region of Shandong was lowered by 100 yuan / ton; The aluminum alloy processing fee is basically stable
.

In terms of stocks, the current stock level continued to rise to 818,000 tons, with a weekly accumulation of 29,000 tons, of which Wuxi and the South China Sea contributed to the increase
.
In terms of fundamentals, supply-side production restriction pressure is still the main driving factor at present, and the Yunnan Development and Reform Commission document involves increasing the scale of production by 10%, while canceling preferential electricity prices and improving the tiered electricity price policy
for the electrolytic aluminum industry.
On the demand side, due to the high aluminum price and the pressure of dual control, the weekly operating rate of aluminum processing fell back to 63.
9% in the counter-cyclical cycle, down 3.
4% month-on-month, and the profit of silicon, aluminum alloy and other finished products continued to be suppressed by the double rise of aluminum prices and silicon prices
.
At present, the supply and demand ends continue to tighten, and the impact on the supply side is large, and the short-term is still optimistic about the upside
of aluminum prices.
Beware of the revival of risk aversion of long funds, and the national policy of ensuring supply and stabilizing prices exceeds expectations
.