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On Wednesday, the main monthly 1811 contract of Shanghai aluminum opened at 14520 yuan, the intraday high of 14575 yuan and the low of 14435 yuan, and closed at 14535 at the end, up 70 yuan / ton
from the previous trading day.
Sino-US trade tariffs landed as scheduled, the market digested in advance and the reaction was flat, the support was insufficient and the upward trend of aluminum prices was limited, Shanghai aluminum rose slightly during the day, and the main force of the market paid attention to the support of the 14,800 mark
.
Externally, the fall in the dollar index and rising oil prices boosted sentiment in the metals market, with intraday aluminum rising sharply and upper support focusing on $
2,100.
At 15:41 Beijing time, the LME 3-month aluminum was $2,043, up $14 from the previous session
.
In terms of inventory, LME aluminum stocks were 1035275 tons, down 650 tons from the previous trading day, and the aluminum warehouse receipt in the previous period was 679434 tons, down 6560 tons
from the previous trading day.
In terms of spot, Shanghai trading concentration is around 14460~14470 yuan / ton, the discount for the month is 20~10 yuan / ton, Wuxi transaction concentration is 14460~14470 yuan / ton, Hangzhou transaction concentration is 14480~14500 yuan / ton
.
The downstream began to stock up in double sections, and supply and demand doubled
.
Aluminum rose slightly during the day, the cargo holders had a positive attitude towards shipments, middlemen and downstream enterprises received goods, and the market transaction picked up
.
In terms of alumina, Guiyang's primary alumina quotation was 3175 yuan / ton, unchanged from the previous trading day; Shanxi first-class alumina quotation was 3340 yuan / ton, unchanged from the previous trading day; Henan first-class alumina quotation was 3350 yuan / ton, unchanged from the previous trading day
.
Industry News:
1.
Sources said that affected by US sanctions, Rusal's Armenal aluminum foil factory in Armenia has begun to reduce production
.
Since the United States imposed sanctions on Rusal in April, the foil plant's product sales have declined
.
2.
Harbor Intelligence said in a report to customers that the latest round of tariffs on $200 billion of Chinese imports will cause aluminum wheels to face another 10% tax rate, affecting about 71% of the total US wheel imports
.
In the face of the trade war and downward pressure on the domestic economy, the market has strong expectations for economic stimulus policies including VAT reduction and home appliance trade-in, and metal prices have rebounded
significantly.
In September, a small number of high-cost production capacity was shut down on the supply side, and consumption with the stabilization of aluminum prices stimulated double-section stocking, and market trading improved, and aluminum ingots are expected to continue to destock.
In the short term, economic policy expectations and improved consumption have supported aluminum prices and are expected to stabilize
.
