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Aluminum prices continued to be
strong yesterday.
On August 17, the main contract of Shanghai aluminum futures opened at 18250 yuan, the highest intraday touched 18650 yuan, the lowest test 18245 yuan, up to now, the main force of Shanghai aluminum rose by more than 3%.
In the external market, as of now, LME aluminum opened at $2400.
00, the highest price was $2425.
00, the lowest price was $2391.
00, and now it is $2418.
50
.
Overseas, according to Hydro's official website on August 17, Hydro will shut down primary aluminum production at the Slovalco aluminum plant in Slovakia, which is scheduled to be completed
by the end of September.
The Slovalco aluminium plant, which currently has an annual capacity of 175,000 tonnes and currently has a capacity utilization rate of 60%, while the Sunndal electrolytic aluminium plant strike began on August 22, which will affect the production of major metals and may reduce production by 20%, involving about 80,000 tons
.
According to SMM statistics, the current production of electrolytic aluminum in Sichuan has been reduced by nearly 400,000 tons, accounting for 33%
of the province's electrolytic aluminum production capacity.
Although the pressure on the supply side has eased, considering that downstream consumption is still in the off-season, and downstream processing enterprises such as Sichuan, Chongqing, Jiangsu and Zhejiang are also facing power restrictions and production reductions, the short-term domestic aluminum market still maintains a pattern of strong supply and weak demand
.
In terms of inventory, the social inventory of electrolytic aluminum showed a small accumulation, and there was still accumulation pressure
in the inventory of aluminum ingots in the later period.
In terms of prices, low inventories and marginal costs support aluminum prices below, but long-term supply pressure and consumption has not improved to a certain extent to suppress prices, it is recommended to focus on short-term neutral treatment, and pay attention to the impact
of macro aspects on market sentiment.
