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Yesterday, the nonferrous metal was generally red, but aluminum prices remained weak, and the main contract closed at 11475
.
Aluminum fundamentals are weak, electrolytic aluminum production in the early stage is less disturbed, and the recent disturbance of overseas automotive industry has led to continued high inventories, although prices have fallen below costs, but production cuts are small
.
In the short term, aluminum prices are expected to remain weak, and it is difficult for prices to rebound before the industry has a sharp reduction in production.
Macro, Trump's news that Saudi Arabia cut crude oil production caused oil prices to skyrocket, and Brent crude oil futures rose
violently.
On the cost side, although the current alumina market is slightly short, the price of alumina is difficult to resist the heavy pressure of the downward trend of electrolytic aluminum, and the actual price center of gravity will be slightly shifted; On the supply side, with the collapse of aluminum prices, aluminum companies began to reduce production, with a cumulative reduction of 470,000 tons, and most of the new production capacity has also been delayed; On the demand side, the current operating rate of aluminum downstream processing enterprises has gradually increased, downstream stocks have improved, the current social inventory is 1.
676 million tons, short-term inventory is hovering at a high level, with the increase in downstream demand, inventory is expected to return to storage
.
Industry News:
1.
According to reports, on April 1, Volkswagen announced that due to the new crown virus epidemic, the company's automobile assembly plant in Chattanooga, Tennessee, United States, will extend the suspension of production until April 12
.
The plant officially ceased production
on March 21.
On March 31, the company also announced that its automotive and accessories plant in Germany will also extend the shutdown until April 19
.
Nissan also announced on April 1 that its U.
S.
plant will remain closed until the end of April to control the spread
of the coronavirus.
The Japanese automaker said some core business would continue, but the company would step up security measures
.
TOKYO, April 2 (APD) -- Japanese aluminum buyers have agreed to pay some global aluminum producers $82 per tonne of aluminum shipped in April-June, down 1.
2 percent from the previous quarter,
four sources directly involved in pricing talks said on Thursday.
This figure is down from $83 per tonne in the first quarter and the third consecutive quarter of
decline.
At present, the signs of easing the epidemic in the United States and Europe are not obvious, the speed of weakening consumption is still faster, and the continuous low price is needed to accelerate the progress of production reduction to adjust the balance of supply and demand, so the continuous rise in aluminum prices is not driven, but before the inflection point in terms of the epidemic, consumption continues to weaken and the global economic pessimism is expected to continue to pressure aluminum prices, so it continues to be short for aluminum prices
.
