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Last week, aluminum prices first fell and then rose, and the overall shock was weak, and the decline gradually narrowed
after the increase in production restrictions.
On the supply side, due to power cuts and dual-control policy pressure, there were signs of continuous expansion of production restrictions last week: on the 11th, the Yunnan Development and Reform Commission document required to strengthen the control of the "double-high" industry, and electrolytic aluminum faced a continuous production reduction rhythm in September; On the 15th, Yulin City, Shaanxi Province released the news of dual control of energy consumption, involving a scale of 50% power rationing; On the 16th, Guizhou, Guangdong and Jiangsu provinces once again reported news of production restrictions
.
The early demand was strongly suppressed by the cost side, and the operating rate fell counter-cyclically in the peak season, and the mid-autumn festival was approaching with the decline in aluminum prices, and the downstream stocking efforts were improved
.
The current cost pressure has been alleviated to a certain extent, and at the same time smoothly promoted the effective transmission of prices to the terminal, and demand is expected to continue to pick up
in the near future.
In terms of inventories, the water level of stocks rose by 15,000 tons to 766,000 tons last week, with Wuxi, Nanhai and Gongyi contributing to the increase, and stocks in Shanghai, Hangzhou and Chongqing continuing to decline
.
Recently, a large number of bulls took profits out of the market, aluminum prices have fallen to a certain extent, but production restrictions as the active cause of stimulating aluminum prices, its involvement in the area and strength is still in a state of expansion, the supply side gap to give the price bottom support is still strengthening, this price phased correction, is a strong pattern of temporary suspension rather than into a complete reversal period, still optimistic about the future aluminum prices have a more obvious upside
.
