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On Wednesday, the main 1805 contract of Shanghai aluminum opened volatile and rose in the morning, and fell into adjustment after rushing to 13985 yuan in the afternoon, after which aluminum prices remained volatile, closing at 13960 yuan, up 20 yuan, or 0.
14%.
Index holdings decreased by 41,426 lots to 840,000 lots, and trading volume shrank to 425,000 lots
.
In the external market, the LME aluminum March contract rebounded after opening lower $2,099, failed to hit the high of $2,110 many times during the session, and fell back before closing, closing at $2,104.
5, up $1.
5, or 0.
07%.
In terms of market, Shanghai trading concentrated 13720-13730 yuan / ton, discount 60-50 yuan / ton for the month, Wuxi transaction concentrated 13720-13730 yuan / ton, Hangzhou transaction concentrated 13740-13750 yuan / ton
.
Intraday holders maintained a positive attitude towards shipments, traders traded more actively, and the transaction price was concentrated, but the downstream willingness to receive goods was not as strong as the previous day, but the overall transaction heat of the market was acceptable
.
In terms of inventory, domestic inventories continued to climb, and the social inventory of aluminum ingots climbed to more than 2.
2 million tons, but overall, inventory growth slowed down slightly
.
After the holiday, the price of alumina fell by more than 100 yuan / ton, and the price of coal continued the decline since February, resulting in the cost of electrolytic aluminum falling by more than 300 yuan / ton
.
Market News:
1.
India's Ashapura Mining Company began trial production of Guinea bauxite in January this year, with a total output of about
200,000 tons from January to February.
2
.
The recent announcement of steel and aluminum tariffs by the United States continues to be strongly opposed around the world and has triggered global trade war concerns.
On the whole, short-term domestic consumption growth is difficult to achieve and the speed of production recovery, the fundamentals will not improve, but consumption is still recovering, the market still has strong expectations, and policy factors are still an important aspect
of market concerns.
In addition to the pressure of high inventory, prices are also under
pressure to sink costs.
With the end of the heating season, alumina and pre-baked anode enterprises with limited production may resume production one after another, and the price of raw materials is likely to fall further
.
Under the tug-of-war of long and short factors, short-term aluminum prices maintain oscillations, and in the later period, with the recovery of consumption, prices may get a certain upward momentum
.
