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In the last trading day, the average price of Yangtze River nonferrous aluminum rose 10 to 10990, and the average price of nonferrous aluminum in the South China Sea fell 20 to 11230
.
Shanghai aluminum spot monthly contract 1603 opened at 11135, the highest 11140, the lowest 11030, closed at 11085, down 55 or 0.
49%.
Lun Aluminum Electric 3 opened at 1550.
00, reached a high of 1576.
00, a low of 1538.
50 and closed at 1571.
00, up 24.
00 or 1.
55%.
The dollar index opened at 97.
46, peaked at 97.
92, low at 97.
23 and closed at 97.
50, up 0.
05 or 0.
05%.
LME aluminium stocks decreased by 5,375 tonnes to 2783775 tonnes
.
The aluminum warehouse receipt of the previous period increased by 399 tons to 210802 tons
.
News side: 1, Dallas Fed President Kaplan: The recent CPI data is exciting, will continue to pay attention, will patiently wait for more data to be revealed
.
It is important
not to over-interpret the signals sent by the market.
The Fed keeps an eye on the dollar exchange rate, but the dollar is not the main consideration
.
The Fed should base its actions on economic data, rather than relying on preset patterns
.
2.
New home sales in the United States in January were 494,000, 520,000 expected and 544,000 in the previous month
.
US new home sales in January were -9.
2% m/m vs -4.
4% expected and 10.
8%
prior.
The preliminary Markit services PMI in the United States for February was 49.
8, the worst performance in 28 months, and the expectation was 53.
5, compared with 53.
2
in the previous month.
The US Markit composite PMI for February was 50.
1 preliminary vs 53.
2
previously.
3.
Sheng Songcheng, director of the Central Bank's Department of Investigation and Statistics, recently wrote an article in his personal name suggesting that in the future, China's fiscal deficit rate can be increased to 4%, or even higher, which can make up for the fiscal reduction caused by tax reductions, effectively carry out counter-cyclical regulation, better support supply-side reform, and will not bring higher debt repayment risks
to the Chinese government.
According to Barclays Research, the closure of aluminum mills with reduced production is only a temporary move, 78% of the 64 aluminium smelters that have announced production cuts in the past eight years eventually return to the market, or have the ability to resume production when prices recover, and only 14 aluminium smelters are eventually closed
.
Today's aluminum price analysis: short-term base metals strengthened again after the overall adjustment, Hulun aluminum performed strongly, continued to fluctuate up, and the short-term rally continued
.
Today's aluminum prices are expected to rise, for reference
only.
