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July 17 Shanghai aluminum morning review

 Last Update: 2022-12-06
 Source: Internet
 Author: User

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The main force of Shanghai aluminum is still digesting Shandong and Xinjiang production reduction information, short-term aluminum prices or strong operation, but the high of 14500 yuan / ton above the long position is obviously more, after the market returns to fundamentals, spot inventory pressure appears, consumption off-season, production reduction and resumption of production, new parallel, supply side weakening is limited, inventory again after the price increase is restricted, it is expected that the main force of Shanghai aluminum will run 14300-14450 yuan / ton within the day, spot to 1708 contract discount 100-150 yuan / ton
.

Shanghai aluminum

In terms of the market, on the same day, the spot price of A00# aluminum was 14190 yuan / ton, up 290 yuan / ton from the previous week, and the discount was 10 yuan / ton compared with the near-month contract, the aluminum price was high last week, the willingness of the holders to ship was strong, and due to the near delivery, the spot discount narrowed, middlemen and downstream were standing and watching, and the supply was difficult to trade.

In terms of news, the news about Shandong's production cut of 2 million yuan has revived, stimulating aluminum prices to rise briefly
.
However, aluminum ingots increased by 30,000 tons from last week, and the overall inventory is still hovering above 1.
2 million tons, and the fundamentals are not enough to support the rapid rise in aluminum prices, and short-term news speculates that the price space is serious
.
In the later stage, we should pay attention to the implementation of Shandong's production reduction, if the degree of production reduction is not as expected, aluminum prices may have the risk of retracement, and we need to be cautious
in the near future.

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