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Last Friday, the Shanghai aluminum shock adjustment, the main contract 1910 fell 0.
35%, closed at 14285 yuan / ton before the stop, and the Shanghai aluminum index position decreased by 1320 lots to 872,000 lots
.
The Sino-US trade war has become more complicated, and market risk aversion has risen; The sharp reduction in production strengthens the medium-term inventory decomposition, and the Shanghai aluminum price support is strong, and it is expected that the short-term aluminum price will maintain a strong operation, and the macro and demand will restrict the upside
of aluminum prices.
In the spot market, the transaction price of Shanghai Wuxi market is between 14300-14320 yuan / ton, and the opposite plate rises between 20-40 yuan / ton, which is nearly 60 yuan / ton lower than the previous day's price, and the spot price in Hangzhou is between
14320-14330 yuan / ton.
The market supply is tight, the holders are still reluctant to sell at high prices, the spot premium has increased compared with the previous day, the enthusiasm of middlemen to receive goods has not decreased, the market performance is more and less, and the actual transaction is relatively deadlocked
.
On the industry front, Guinea's emerging bauxite producer, Guinea Power Mining, has delayed infrastructure construction of the mine until December, after they had planned for October, a source told Asia Metal Network
.
It is reported that Guinea is currently raining heavily, and the rainy season is expected to end
in two months.
"After the rainy season, we will make a short-term renovation and start infrastructure work in December, which is expected to take about a year," the source said
.
The project plans to borrow about US$130 million from banks
.
The person said that its bauxite reserves are about 190 million tons, and the mining life can reach about
20 years.
The project has a designed annual production capacity of 6 million tons, and is scheduled to be put into operation by the end of 2020, and mainly supplies Al2O3 43%min SiO2 1.
6%max bauxite
.
They plan to start seeking buyers
in China next month.
Operationally, an analysis within Fed policymakers of the view that the U.
S.
economy needs lower interest rates has led investors to lower
expectations that the Fed will continue to cut interest rates next month.
Pending more policy guidance from Fed Chairman Jerome Powell at the Jackson Hole Annual Meeting, the stronger shape of the dollar index may continue to weigh on aluminum prices
.
At the same time, the negative data of the US preliminary manufacturing PMI in August falling below the 50 boom and bust line also continued to heat up market worries
.
From the perspective of the industry, domestic alumina prices are still in a weak position, but under the renewed speculation of environmental protection themes, the cost of electrolytic aluminum is expected to stop falling or will be interpreted in advance
.
At the same time, the supply blockage caused by recent emergencies has also led to a large influx of speculative funds, but with the gradual fermentation of short-term bullish sentiment, the continuous change in the proportion of position has caused the market trend to fall
again.
However, in the case of optimistic funds still expecting the National Day production limit, the operating center of aluminum prices is likely to continue to remain at a high level, and it is more prudent to operate with the trend
.
