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Yesterday's Shanghai aluminum shock was lower, mainly due to the sharp fall in thermal coal that weakened the cost support of aluminum prices, weak demand and continued accumulation to suppress aluminum prices
.
Shanghai aluminum main 2112 contract opened at 21850 yuan / ton in early trading, the market continued last week's decline, continued to fluctuate downward, the intraday high touched 22,000 yuan / ton, the lowest to 20,515 yuan / ton, fell below the 21,000 yuan / ton mark, and finally closed at 21,665 yuan / ton, down 345 yuan / ton from yesterday's end, down 1.
57%.
The position decreased by 5,272 lots to 21,485 lots, with a volume of 847,000 lots
.
According to the National Development and Reform Commission, since October 5, the coal supply of the national unified power plant has exceeded the coal consumption for 20 consecutive days, and the data on the 24th shows that the coal storage in the power plant can be used for 17 days, and the coal volume is expected to gradually ease
in the process of marginal improvement.
Fundamentally, after entering the heating season, there may be further power restrictions and production restrictions in the northern region, and due to the epidemic and container tension, the transportation of aluminum ingots and aluminum rods produced in the northwest is blocked, causing disturbance to the supply side
.
At present, Guangdong, Jiangsu, Henan and other places have eased power rationing, order margin recovery, after the short-term collapse of prices, terminal companies are expected to replenish stocks to drive downstream demand to recover, need to continue to pay attention to consumption and inventory changes
.
In terms of inventory, the domestic aluminum ingot social library accumulated slightly
.
As of October 26, LME stocks stood at 1,064,400 mt, down 14,100 mt
from the previous session.
As of October 25, the social stock of aluminum ingots rose by 11,000 tons from last week to 968,000 tons
.
In terms of price, although coal prices have declined in the short term due to regulatory influences, the production cost of electrolytic aluminum is still at a high level and the supply has a trend of further tightening.
