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Recently, domestic production reduction events have occurred one after another, which has significantly reduced the supply of electrolytic aluminum, and the annual supply shortage in the aluminum market may intensify, and spot aluminum prices have risen
in response.
Market macro risks have improved, but the demand side consumption of the aluminum market has improved or is not as expected, limiting the rebound of
aluminum prices.
Last week, the sharp rise in global stock markets and oil prices increased the trading activity of the commodity market, coupled with the expected support of demand recovery brought by the peak season of the aluminum market, aluminum prices performed firmly, and Shanghai aluminum prices rose
.
In terms of external disks, the decline in domestic and foreign inventories provided support for the upward trend of aluminum prices; Sino-US trade talks showed signs of easing and increased market risk appetite, and the price of London aluminum was
boosted.
The price trend of aluminum in the week generally maintained an upward trend
.
The market mainly focuses on the $1700 support level
.
In terms of the market, the spot aluminum price trend maintained a high volatility trend during the week, the data showed that the weekly average quotation of Yangtze River spot AOO aluminum ingots was 14384 yuan per ton, up 26 yuan / ton on week, and the average price of spot aluminum per ton of Yangtze River in the previous week was 14286 yuan, up 98 yuan / ton, up 0.
7%
month-on-month.
In terms of inventory, the trend of aluminum inventory in Nerun generally maintained a downward trend, and the latest inventory volume was reported 923225 metric tons, reducing the inventory by 3775 metric tons, a decrease of about 0.
4%; The total aluminum stock on the Shanghai Futures Exchange this week was 352399 tons, down 9,578 tons, or about 2.
6%,
from the previous week.
On the macro front, domestically, the year-on-year growth rate of M2 in August may remain stable, unchanged at 8.
1%.
Internationally, in response to the sluggish economic growth and the downward pressure brought by external influences, many Asian countries have successively announced the latest economic adjustment policies, which are intended to stimulate the economy and prevent the downward trend from worsening
.
Aluminum market dynamics, China's domestic bauxite consumption in January and August was about 6.
86 million tons, a decrease of about 3.
0% month-on-month and a year-on-year decrease of about 17.
6%.
In February and August, METRO Mining bauxite mined 476,000 wet metric tons and shipped 455,000 wet metric tons
.
The outlook for the future market, domestic production cuts and the expected recovery of demand brought by the peak season of the aluminum market, spot aluminum prices rose
during the week.
Domestic inventories continue to decline stimulated, aluminum prices are firm, and spot aluminum prices are expected to remain strong next week
.
