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Overnight, Shanghai aluminum 2112 closed at 19465 down 1315, LME aluminum closed at 2665.
5 down 166.
5; the main contract of Shanghai aluminum fell sharply by 5.
25%, closing around 20,000, and the night trading continued its downward trend, and the price fell directly below the 20,000 mark
.
Today's dollar index fluctuated throughout the day, and the internal metal rose in the afternoon, recovering some of its losses, and Shanghai aluminum fell 4.
14%
as of the close.
On the macro level, the National Development and Reform Commission and the State Administration for Market Regulation jointly carried out special inspections of coal spot market prices, and strictly investigated and dealt with violations of laws and regulations; The Bank of Canada announced the end of QE, raising the likelihood of future interest rate hikes;
After the collapse of aluminum prices, consumption has rebounded, coupled with the closure of the import window, the decline in upstream production, the aluminum rod began to go to storage, Henan, East China if the power rationing is lifted, consumption began to pick up significantly, spot premium gradually narrowed, the rapid accumulation process will be alleviated and even expected to go to storage; The upstream supply continues to contract, and Guizhou, Shanxi and Henan continue to reduce production
.
Coal prices are still stabilizing and bottoming out, the logic of coal-power-aluminum linkage has not been lifted for the time being, the recent collapse of aluminum prices is too high, and short-term market risk aversion needs to be digested
.
In terms of fundamentals, SMM inventory on the 25th reported 968,000 tons, an increase of 11,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 195,500 tons, down 05,500 tons from last Thursday; September unwrought aluminum and aluminum exports were 492,000 tons, a slight increase of 02,000 tons from the previous month, and exports increased steadily; imports of primary aluminum in September were 172,000 tons, an increase of about 70,000 tons
.
Indonesia plans to stop bauxite exports, accounting for about 20% of China's imports, while Guinea's new government has asked for a review of mineral contracts
.
Henan Zhengzhou industrial power rationing, aluminum industry three stop four, East China still power cut, South China power rationing lifted; Aluminum prices have fallen, consumption has stabilized and rebounded, spot discounts have narrowed, and aluminum rod outbound and processing fees have rebounded
.
Guizhou province electrolytic aluminum power limit production reduced by more than 300,000 tons, about 300,000 proportions started, Henan and Shanxi also have some production capacity reduction
.
