echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Aluminum runs low There is still strong support after a short-term correction

    Aluminum runs low There is still strong support after a short-term correction

    • Last Update: 2022-12-23
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Today's Shanghai aluminum main month 2202 contract, opening 19700 yuan / ton, the highest intraday 19880 yuan / ton, the lowest 19630 yuan / ton, settlement 19915 yuan / ton, the end closed at 19860 yuan / ton, down 55 yuan, down 0.
    28%.

    Period aluminum

    During the Asian electronic trading session on Tuesday, the London Metal Exchange continued to be closed to celebrate a public holiday
    .
    Trading
    resumed on Wednesday.

    Today's Shanghai aluminum low operation, the impact of the European production reduction turmoil weakened, and the domestic black series plunge drove aluminum prices passively followed lower, but the aluminum ingot social library continued to go to the warehouse, and there was still strong support
    below after the short-term correction of aluminum prices.

    In terms of the market, today's spot trading price of Yangtze River is 19740-19780 yuan / ton, down 30 yuan; Guangdong South Reserve reported 19790-19850 yuan / ton, down 60 yuan; Hua reported 19810-19850 yuan / ton, down 30 yuan
    .
    Holders continued to sell downward, demand from receivers was weak, the trading atmosphere was quiet, and the trading volume was not good
    .

    Fundamentally, there is no new production capacity reduction on the supply side, Yunnan production continues to resume and some enterprises in Inner Mongolia are expected to resume production, but environmental protection inspectors and the Winter Olympics and other factors have increased the risk
    of production reduction for electrolytic aluminum enterprises.

    On the consumer side, the holders lowered their shipments, the receivers were bearish in purchasing, and the overall transaction was average
    .
    Recently, aluminum rods, aluminum rod processing fees have moved down significantly, the operating rate of downstream processing enterprises has declined, and the Spring Festival off-season is approaching, and it is necessary to be vigilant against weakening demand to drag down aluminum prices
    .
    The latest inventory data shows that the domestic aluminum ingot social library continues to destock, and Wuxi contributes a major decline
    .

    European natural gas prices fell rapidly, easing expectations of continued production cuts; China is approaching the holiday, accumulation is about to begin, the recent spot discount, spot and futures selling pressure is strong, upward resistance is strong
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.