Aluminum narrow range oscillation There is still greater upward pressure

In terms of external disk, Lun aluminum opened at 1550 US dollars / ton
in the morning.
During the Asian session, Lun aluminum weakened at the open, and during the Asian session, because Shanghai aluminum was in a rebound, it could still maintain a bottom shock operation, and as of 15:00, Lun aluminum was reported at 1543 US dollars / ton
.
During the European session, Lun aluminum dived, continued to weaken, as of 17:11 Lun aluminum touched a daily low of 1528 US dollars / ton, Lun aluminum has recorded 9 consecutive negative.

At present, the overseas epidemic has not been effectively controlled, and the Shanghai-London ratio once fell below 7.
3 due to the sharp fall of Shanghai aluminum, and recently due to the rebound of Shanghai aluminum, and the continuous weakening of Lun aluminum, the ratio repaired to around 7.
5, which is similar
to the level in July 2019.
Considering the impact of the overseas epidemic, the current LME aluminum ingot inventory continues to increase, and the daily London aluminum inventory increased by 14,150 tons, and the subsequent ratio is expected to continue to repair and improve, and the price of London aluminum may continue to weaken
.

Spot market, aluminum prices fluctuated upward in the afternoon, Shanghai Wuxi market holders quoted between 11520-11540 yuan / ton in the morning, with the rise of aluminum in the future, the quotation of holders increased, concentrated in 11540-11560 yuan / ton, earlier up nearly 20 yuan / ton, the opposite surface discount 80-70 yuan / ton nearby, Hangzhou area after 10:30 quotation between 11570-11590 yuan / ton
。 For intermediaries, considering that there is a demand for delivery on the first day of long-term delivery, it is more appropriate to superimpose spot discounts, and the positive receipt of goods within the day also promotes the increase in spot prices after the announcement of online prices, and the overall transaction between traders is more active
.
Downstream intraday on-demand procurement is the mainstay, due to the rise in aluminum prices, intraday performance is slightly wait-and-see
.
The overall intraday transaction in East China is average
.
In the late afternoon, aluminum maintained range fluctuations, and the price of holders was around 11550 yuan / ton, and the discount on the plate was about 80 yuan / ton, only a small number of transactions between traders, and almost nothing
downstream.

During the day, the social aluminum ingot inventory still increased by 20,000 tons to 1.
667 million tons, although the domestic epidemic has basically been controlled, but the terminal consumption has not fully recovered, the inventory inflection point has not yet arrived, and due to the sharp decline in aluminum prices, the current electrolytic aluminum production capacity is relatively limited, need to continue to pay attention to the introduction and implementation of domestic consumption stimulation policies, the impact of the overseas epidemic on export orders, short-term Shanghai aluminum upward pressure
is still greater.