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Overnight LME March electronic trading closed at 2023.
5 US dollars / ton, down 0.
69%; The Shanghai aluminum 1812 contract closed at 14125 yuan / ton at night, down 1.
22%.
In terms of inventory, LME aluminum inventory was 1,082,600 tons, an increase of 85,725 tons over the previous trading day, and the aluminum warehouse receipt in the previous period was 645601 tons, a decrease of 1,704 tons
from the previous trading day.
In terms of spot, Shanghai transaction concentration is 14260~14290 yuan / ton, the discount for the month is 60~50 yuan / ton, Wuxi transaction concentration is 14260~14290 yuan / ton, Hangzhou transaction concentration is 14280~14300 yuan / ton
.
The aluminum contract in the past three months has been inverted again, which is not conducive to the preservation of value of the holders, the shipment attitude is positive, the middleman has no room for operation, the downstream enterprises do not recognize the price, the willingness to receive goods has declined, and the overall transaction supply exceeds demand
.
In the afternoon, under the condition of aluminum shock, East China spot floated down to 14240~14260 yuan / ton
.
In terms of alumina, Guiyang's primary alumina quotation was 3060 yuan / ton, down 20 yuan / ton from the previous trading day; Shanxi primary alumina quotation was 3045 yuan / ton, down 25 yuan / ton from the previous trading day; Henan first-class alumina quoted 3070 yuan / ton, down 20 yuan / ton
from the previous trading day.
On the news front, the minutes of the Fed's latest policy meeting released on Wednesday showed that Fed policymakers were on the need for further rate hikes, i.
e.
a fourth rate hike this year in December, spurring the dollar to rise and most metals under pressure
.
LME aluminum was boosted and strengthened by Rio Tinto's 2018 production reduction plan during the day, but the 0-3 liter discount spread was too high to attract a large delivery position, which suppressed the price, and Lun aluminum fluctuated
sharply during the day.
The high-cost production capacity in the domestic supply and the slow release of new products have improved, and downstream processing enterprises have improved after the start of the holiday, but this improvement is still relatively weak
year-on-year.
Therefore, before the pattern of weak supply and demand is broken, aluminum prices are still running
in a downward channel.
