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Aluminum market morning comment: the US dollar index strengthened, most of the overnight external metals closed down, aluminum prices rushed back down and still closed up
.
The London Stock Exchange three-month aluminum price rose 0.
36% to $2933/mt
.
Shanghai aluminum overnight volatility to the downside, but rebounded late and closed above 21260 yuan / ton
.
In the morning, the spot market cooled down, and downstream on-demand procurement was the mainstay, but due to the small arrival of goods and the lack of circulating supplies, holders were still reluctant to sell
.
The mainstream trading price in Shanghai is around 21220 yuan / ton, which is about
30 higher than that of futures.
The mainstream transaction price in Guangdong is around 21200 yuan / ton
.
In the off-season, domestic destocking is still strong, and the market has optimistic expectations for post-holiday consumption, coupled with overseas supply interference concerns, which still has strong support
for short-term aluminum prices.
However, as consumption weakens further, aluminum ingots in transit are arriving one after another, putting pressure on prices, so there is limited
space above prices.
Operationally, it is recommended to wait and see for
the time being.
