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Yesterday, the main force of Shanghai aluminum 09 opened high and low, closing at 19540 yuan / ton, down 0.
05%
from the previous trading day's closing price.
Overnight trading continued its downward trend, falling 1.
22% to 19385 yuan / ton, and overnight Lun aluminum fell 0.
78% to close at 2485 US dollars / ton
.
Recently, macro sentiment has fluctuated greatly, and the fundamentals of the domestic and foreign aluminum markets are still strong
.
Domestic supply disruptions are frequent, production growth is difficult to increase, and Rio Tinto Canada has also sharply reduced production at its electrolytic aluminum plant due to strikes, all of which provide support for prices
.
However, the current domestic off-season consumption is weakening, and there is pressure from policies such as dumping reserves, and aluminum prices are under pressure
above.
Aluminum prices have fluctuated or to a certain extent affected by market sentiment, Shanghai copper prices have risen significantly in recent days, pulling other metals in the non-ferrous sector, from yesterday's market situation, aluminum prices have seen a certain pullback
.
There has been no significant change
in fundamentals.
The second power cut in Yunnan led to the suspension of resumption of production, causing supply-side
disturbances.
The off-season background and the impact of the Henan disaster have led to poor start of the downstream aluminum processing industry, of which the aluminum plate and foil industry is the most serious, and the local operating rate in Henan has been as low as 41%.
In addition, the Henan disaster also caused the obstruction of aluminum transportation, some transportation in Henan Province was suspended, and the shipment of aluminum products from the northwest to Wuxi region will be delayed
for about 10 days.
On Monday, the aluminum destocking period continued to be maintained, down 27,000 tons from the previous Thursday, of which Wuxi contributed 15,000 tons
.
Internationally, mining giant Rio Tinto said on Monday it plans to cut output at the Kitimat BC Works aluminum smelter to 35 percent of normal levels due to strikes, affecting global aluminum production supplies
.
It is expected that in the short term, aluminum prices will continue to maintain volatility, and the amplitude of the shock may be amplified, but there is still some support below, and the overall trend is strong
.
It is expected that the volatility range is between 18900-19600, and it is appropriate to buy
the dip.
