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Non-ferrous metals in the overnight futures market rebounded to varying degrees, and Shanghai aluminum temporarily stabilized
near the lower edge of the recent consolidation range.
Today's aluminum price material is sideways, little change, for reference
only.
As far as supply and demand are concerned, there is not much change at present, the price of alumina is firm, the industry's profits are high, and the subsequent release of new capacity is accelerating, limiting the height
of aluminum price rebound.
It is expected that aluminum will show a shock adjustment trend
in the context of weak macroeconomic data.
Operationally, it is recommended to continue to hold short orders
.
In terms of inventory, the latest inventory of LME aluminum was 900725 tons, down 3450 tons from the previous trading day; The aluminum warehouse receipt of the previous period was 133080 tons, a decrease of 6096 tons
compared with the previous trading day.
In terms of spot, the transaction price of Shanghai Wuxi market is between 14260-14270 yuan / ton, the opposite plate premium is 20-40 yuan / ton, and the spot price in Hangzhou is around
14280-14300 yuan / ton.
The willingness of cargo holders to ship is reduced, middlemen are actively receiving goods at a low level, and downstream purchases
are on demand.
On September 19, according to statistics, domestic electrolytic aluminum social inventory (including SHFE warehouse receipt): Shanghai area 186,000 tons, Wuxi area 297,000 tons, Hangzhou area 50,000 tons, Gongyi area 84,000 tons, South China Sea area 267,000 tons, Tianjin 52,000 tons, Linyi 09,000 tons, Chongqing 21,000 tons, consumption of aluminum ingot stocks totaled 966,000 tons, down 06,000 tons
from last Thursday.
Logic: The Fed cut interest rates by 25 basis points, in line with market expectations, the aluminum market focused more on the latest inventory data, although it returned to the warehouse, but the number of destocking is very limited, aluminum prices maintain a weak trend
.
In the peak season consumption and production recovery who wins the initiative, inventory changes have become the focus of the long-short game, but the number of destocking in September continues to be weak, and in the process of time, consumption currently looks likely to be falsified, and it is recommended that the early order be cashed in profits in the process of soaring aluminum prices
.
