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Today's Shanghai aluminum main month 2011 contract opened at 14750 yuan / ton, the highest intraday 14835 yuan / ton, the lowest 14700 yuan / ton, settled 14760 yuan / ton, and closed at 14725 yuan / ton, up 5 yuan
.
Today's Shanghai aluminum trend is volatile, the global primary aluminum supply is oversupply, LME inventory continues to increase, and there is pressure
above aluminum prices.
In the external market, today's Lun aluminum opened low, LME three-month aluminum Beijing time at 15:01 at 1845 US dollars / ton, down 3 US dollars, or 0.
16%,
from the previous trading day's settlement price.
In terms of the market, today's spot trading price of Yangtze River is 14920-14960 yuan / ton, up 50 yuan; Guangdong South Reserve reported 14970-15030 yuan / ton, up 90 yuan; Hua reported 15030-15070 yuan / ton, up 60 yuan
.
The circulation of goods has improved significantly, with cargo holders actively shipping, downstream just need to purchase, and traders are mainly
wait-and-see.
Industry news, the latest report released by the World Bureau of Metal Statistics (WBMS) on Wednesday showed that the global primary aluminum market was oversupplied by 1.
537 million tons from January to August 2020, and 500,000 tons
in 2019.
On a macro level, US President Trump said that despite the opposition of the Republican Party, he is still willing to accept a large-scale rescue package, and his statement has made the market more expected that the rescue package negotiations may make a breakthrough, and the lower dollar supports the rise of metals
.
Holding metals up
.
In terms of supply, aluminum companies are still steadily advancing the resumption of production plan, the current profit of aluminum enterprises is relatively considerable, the fourth quarter of production capacity release is more, and the release speed is faster
.
In terms of demand, the downstream is normally replenished after the holiday, and the market consumption has not increased significantly, and some regions have introduced measures for peak production in autumn and winter in the heating season, which may affect the production of downstream processing enterprises, and then affect market demand
.
Overall, short-term demand is maintained, and inventories are still low, but as downstream demand directly shifts to the traditional off-season, aluminum ingots will return to the accumulation cycle
.
The change in the rhythm of supply and demand has made aluminum prices gradually enter a downward cycle
over time.
Maintain the medium-term bearish thinking
.
