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Overnight, the external aluminum market continued to rebound, of which 3-month Lun aluminum rose 1.
49% to 1845 US dollars / ton, for the third consecutive week of rise, the daily closing price is close to the high point since May 15 last year, but after the short-term aluminum price continues to rise, facing the demand
for technical pullback.
Industry information: According to data from the Global Aluminum Association, global (excluding China) primary aluminum production in December 2016 was 2.
173 million tons, up from 2.
115 million tons
in November.
In terms of market: on January 20, Shanghai aluminum trading concentration was 13290-13300 yuan / ton, the discount for the month was 50-20 yuan / ton, Wuxi transaction concentration was 13280-13290 yuan / ton, Hangzhou transaction concentration was 13280-13300 yuan / ton
.
Although the inventory of aluminum ingots increased by 40,000 tons, smelters sold at a high price, traders reduced inventories have been basically completed, the market circulation source has further tightened, approaching the Spring Festival, the future-to-cash price difference narrowed, the willingness of middlemen to receive goods cooled, downstream enterprises stocking was basically completed, the demand for receiving goods weakened, and the overall transaction began to enter the pre-year track
.
In terms of inventory: as of January 20, LME aluminum stocks reported 2298625 tons, an increase of 54,450 tons or 2.
42% from last week, marking a five-week increase and a new high since August 26 last year; In the same period, the previous period of aluminum stocks reported 118551 tons, a weekly increase of 316 tons, the highest since September 14 last year, the seventh consecutive week increase, but far below the average inventory value of 2016 of 200,000 tons
.
The main contract of Shanghai aluminum rose strongly to 13,735 yuan in the night market on Friday, mainly boosted by the decline in the US dollar index and the market's expectation
that the supply-side reform of the aluminum market may be strengthened.
In terms of operation, it is recommended that the Shanghai aluminum 1703 contract can be backed above 13,500 yuan to bargain hunt, and the entry reference is around 13,650 yuan, with a target of 13,850 yuan
.
