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This week's aluminum price volatility is weak, London aluminum test 2000 mark support, short-term volatility unchanged; Shanghai aluminum intraday fell below the 14,500 important mark support, but the fundamental positive factors support, short-term is expected to repeatedly fluctuate near this mark, Shanghai aluminum main force next week continue to pay attention to 1.
43-14,800 range shock
.
Domestically, the current spot market has sufficient supplies, but downstream consumer demand has not improved, aluminum prices are weak upward, and Shanghai aluminum prices are weak and downward
.
However, Rusal's sanctions come as China's aluminum exports soared to a three-year high, and investors' optimistic expectations for metal demand limited the decline in aluminum prices
.
Abroad, the Alcoa strike affected the decline in alumina production in August, stimulating the rise in aluminum prices; However, the increase in consumer prices in the United States in August was less than expected, which suppressed market sentiment, and the price of aluminum fell in response; This week, the price trend of London aluminum maintained a volatile downward trend
.
The market is mainly focused on the $2100 support level
.
In terms of inventory, the trend of Lun aluminum inventory maintained a downward trend this week, with the latest inventory reported 1,046,700 metric tons, a total reduction of 14,875 metric tons, a decrease of about 1.
4%; The total aluminum stock on the Shanghai Futures Exchange this week was 853749 tons, down 19,406 tons, or about 2.
2%,
from last week.
Aluminum market dynamics:
1.
China's primary aluminum (electrolytic aluminum) output in August was 2.
84 million tons, up 7.
8% year-on-year; Primary aluminum production from January to August was 22.
21 million tons, an increase of 3.
5%
over the same period last year.
In February and August, China's exports of unwrought aluminum and related aluminum products rose to 517,000 tons, close to 520,000 tons in July and the highest level
in more than three years.
Looking forward to the future market, the Sino-US trade war will not recede, and the market is uncertain, so it is cautious to wait and see; Sufficient circulation and weak market demand, aluminum prices are weak to rise, and aluminum prices are under pressure this
week.
The market lacks favorable support, aluminum prices lack momentum, and spot aluminum prices are expected to remain range-bound
next week.
