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Trade Service
Yesterday, Shanghai aluminum showed adjustments
.
Last night, affected by the fall in thermal coal futures, aluminum prices fell sharply, closing at 23645 yuan / ton, down 2.
82%.
This time, thermal coal was regulated by the national policy level and opened down, which weakened the logic of the recent cost support for aluminum prices, and long funds continued to close their positions and leave the market, and aluminum prices fell
in response.
Fundamentals: With the entry of the traditional aluminum consumption season, due to power cuts and high aluminum prices, market demand has not been released, only maintaining just demand for partial procurement, and low inventory in the market
.
The price of alumina is gradually rising due to power restrictions, which will form a strong support
for the price of electrolytic aluminum.
News: Affected by the energy crisis, European aluminum plants have stopped production
.
The cost of electricity per ton of aluminum in the Netherlands has reached 4,500 euros, and the electricity cost of German aluminum companies is more than $4,000, far exceeding the price
of aluminum.
The reduction of production by overseas aluminum companies will affect the LME aluminum price, or will bring a linkage effect
to the domestic market.
Inventories: Inventories fell slightly again this week, mainly due to colder
trading in the market as a whole.
Overseas: Pay attention to the US House of Representatives voting on the temporary debt ceiling increase bill to prevent black swan events
.
At present, the market is still divergent, and it is still recommended to treat it with a long idea in the strategy, macro liquidity is still abundant, superimposed on dual control of energy consumption and power rationing, and aluminum prices are not bearish
.
