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This week's Shanghai aluminum showed a narrow range, the main 2009 contract closed at 14555 yuan, down 130 yuan
for the week.
After Shanghai aluminum broke through the previous high pressure line, it oscillated in a narrow range above the pressure level, and the trend was still relatively strong
.
According to statistics from the General Administration of Customs, China's exports of unwrought aluminum and aluminum products in July were 373,000 tons, down 23.
3% year-on-year and up 5.
5%
month-on-month.
In the first seven months of this year, China's cumulative exports of unwrought aluminum and aluminum products reached 2.
739 million tons, a year-on-year decrease of 21.
0%.
Aluminum exports maintained a poor performance due to poor overseas demand
.
On Friday, the domestic aluminum rod processing fee rebounded slightly, and the current Nanchu aluminum rod processing fee is about 390 yuan / ton, an increase of about 90 yuan from last week, but overall, the aluminum rod processing fee is still at a low level
.
It is understood that aluminum rod manufacturers in the northern region have reduced or stopped production
.
On Thursday, the inventory of 6,063 aluminum rods in the three regions totaled 69,000 tons, an increase of 01,000 tons
from the previous month.
Electrolytic aluminum social stocks totaled 667,000 tons on Thursday, an increase of 10,000 tons from the previous month, continuing to increase
slightly.
Although it is not yet certain whether the inflection point of inventories has occurred, it is certain that the situation of large declines in inventories will most likely be difficult to recur.
LME aluminum inventories totaled 1.
632 million mt on Thursday, down 11,000 mt
month-on-month.
Recently, the spot premium of spot A00 aluminum ingots has continued to narrow, and the current premium is only 10 yuan to 50 yuan
.
The middleman is okay to receive the goods, but the downstream is not willing to receive the goods
.
In addition, the spread between Shanghai and aluminum futures contracts is also shrinking, and the current price difference between contracts is about 130 yuan
every other month.
Last week, the Politburo of the Central Committee held a meeting, emphasizing the acceleration of the formation of a new development pattern
with domestic circulation as the main body and domestic and international dual circulation promoting each other.
Monetary policy as a whole still maintains a loose tone, but the marginal stimulus is likely to decline
.
At the same time, the meeting called for ensuring funds for the construction of major projects, ensuring people's livelihood and stabilizing employment, while traditional infrastructure was not mentioned
.
At present, electrolytic aluminum inventories are still at a low level, and the downward trend has slowed down, but the inflection point may not yet appear
.
Electrolytic aluminum production capacity continued to be released, but the strength was not large, and it did not have a significant impact
on supply.
At present, it has entered the traditional off-season, the downstream demand performance is general, and it is expected that aluminum prices will show a trend of high volatility
.
