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On Thursday, the main 2008 contract of Shanghai aluminum fluctuated at a low level overnight, closing up 40 yuan / ton, down 0.
23%.
Lun aluminum closed at $2327/ton, down $32/ton, or 1.
32%.
Aluminum prices are weak during the day and fluctuate in a narrow range at night, on the one hand, due to the impact of the decline in crude oil and the re-fermentation of macro pessimism, on the other hand, there is also the pressure on the price of the fundamental supply and demand pattern
.
On the macro front, the latest economic data from the United States is still poor, and the market has raised expectations for the Fed to raise interest rates
.
On the supply side, there is still room for growth in Yunnan, Guangxi, Gansu and other regions in China, and supply pressure is still there, but considering that the current aluminum price is close to the average cost line of the industry, although the short-term loss has not caused the supply side to reduce production for the time being, if the price continues to fall, it is not ruled out that the resumption
of production in some regions may be delayed or even reduced.
In terms of consumption, close to delivery and low aluminum prices, downstream enthusiasm for receiving goods has slightly improved
.
However, due to the off-season and high temperature weather, terminal demand continued to be cold, and domestic aluminum downstream starts remained low
.
In terms of inventory, the destocking of domestic social treasury data slowed down, and LME inventory continued to decline
.
In terms of the market, the average price of spot Yangtze River was 17430 yuan / ton, down 170 yuan / ton, and the premium for the month was 20 yuan / ton
.
The average spot price of Nanchu was 17,360 yuan / ton, down 100 yuan / ton, and the discount for the month was 50 yuan / ton
.
The spot market Gongyi low-price stock has increased, and East China is flat compared with the 07 contract
.
The Central Plains (Gongyi) area has a discount of 40 yuan / ton
for the month.
Due to the relatively low price of aluminum in South China, the transaction continued to improve, and the transaction pair discounted 70 yuan / ton in the month, which was 70 yuan / ton
lower than the previous day's discount.
Industry news, in the first half of the year, Qingtongxia Aluminum Branch achieved results in production, scientific and technological innovation and project construction, with a total profit increase of 392 million yuan compared with the budget and a profit tax of 145 million yuan
.
Overseas, Rio Tinto will invest US$188 million to expand production
of low-carbon billet at the Alma Aluminium Smelter.
In terms of prices, the current domestic supply is growing steadily and consumption performance is not good, although there is news of production cuts and shutdowns overseas, but considering the continuous news of interest rate hikes, commodities are under pressure as a whole, and it is recommended to treat them neutrally in the short term
.
