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Global stock market turmoil triggered investors to avoid safety, and Lun aluminum opened low and closed down 1.
91% the following week; After the holiday, the demand for aluminum market was weak, inventories continued to accumulate, aluminum prices continued to come under pressure, and spot aluminum is expected to fall
today.
Aluminum fell back before noon in the month
.
The mainstream spot trading price in Shanghai, Wuxi and Hangzhou markets is concentrated between 13550-13570 yuan / ton, which is about 20 yuan / ton lower than the previous day's price, and the spot premium is between 10 yuan / ton and flat water
.
Today, traders are more active, and holders are actively shipping, but due to general downstream demand, middlemen receive strict requirements for prices, and the transaction between the two sides is slightly
deadlocked.
According to SMM, many factories are still waiting for the process of government approval, and the willingness to stock goods is not strong, and the traffic is not completely smooth, and the transportation of raw materials is also a problem
.
The overall transaction in East China today is relatively light
.
Downstream consumer enterprises have resumed work this week, but there is still a gap between the estimated full operating rate before the holiday, and downstream consumption remains weak
.
The supply side is also weak due to the delay of smelter resumption and production increase, so far the social inventory of electrolytic aluminum has increased by about 450,000 tons compared with before the Spring Festival, and the inventory is expected to continue to increase
significantly.
Alumina prices remain rigid due to the lack of effective release of production capacity, transportation controls have aggravated the recovery of alumina prices, and the cost support of electrolytic aluminum is relatively solid
.
In the case of low Shanghai aluminum prices, the recovery of downstream consumption may bring a pulse rise to aluminum prices, and observe the opportunity
to go long on dips.
It is expected that aluminum prices will maintain a low volatility trend
until the epidemic is effectively controlled.
