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The commodity market as a whole recovered yesterday, with Shanghai aluminum rising more than 2%, and London aluminum performing slightly weaker, with prices hovering around
$1550.
Nonferrous metals as a whole follow the risk point to copper, and aluminum due to the relatively large proportion of exports, the recent overseas automotive industry interference has formed a new negative for aluminum fundamentals, resulting in weak aluminum prices in nonferrous metals
.
At present, the electrolytic aluminum industry has suffered a large loss, and the price downward space is limited, but the rebound momentum under the weak external demand is also small, and the short-term is expected to fluctuate more, and it is recommended that investors wait and see
.
Industry News:
1.
China's total alumina imports from January to February 2020 were 690,040 tons, up 422.
8%
year-on-year.
China's total imports of scrap aluminum in January-February 2020 were 122204 tons, down 40.
3%
year-on-year.
2.
The LME said on Tuesday that applications for registered warehouses can be approved
remotely if necessary.
The travel ban has made it difficult for the LME's approval teams in London and Singapore to conduct on-site audits
of application warehouses.
The LME stated that it had a temporary contingency plan
for applications for registered warehouses if necessary.
"New warehouse applications can still be considered
as long as proof of compliance with the LME registration criteria can be provided.
" According to the exchange's website, standards include sound regulatory and financial systems; The warehouse location must have good transportation networks, duty-free storage facilities, and political and economic stability
.
Last week, the global financial and commodity markets were violently shaken, U.
S.
stocks were melted four times in ten days, and nonferrous metals fell across the board, aluminum prices were not lucky, Lun aluminum fell as low as 1577 US dollars / ton, Shanghai aluminum fell to 11730 yuan / ton
on Thursday.
Although stimulus policies continued to be introduced by countries around the world during the week, panic dominated the market
when the overseas epidemic was in a worsening stage.
In terms of supply and demand, domestic smelters have reduced production due to losses and delayed production, but the stage supply is still excessive, although the downstream resumption of work is good, but the final demand is weak, and inventory accumulation
.
In addition, the cost segment of alumina also improved under pressure began to fall
high.
In the future, the overseas epidemic continued to be in the outbreak stage over the weekend, and the market panic was difficult to stabilize, further transmitted to the subsequent real economy, the crisis mode intensified, and aluminum prices are expected to continue to fluctuate against
this background.
Considering the concentrated release of risks in the previous two weeks, with the heavy stimulus of various countries, the short-term market may stabilize and adjust
.
Operationally, it is recommended that short orders in the early stage continue to be held, and insurance sellers will actively sell insurance to lock in risks
by taking advantage of the rebound of improved market sentiment.
