Macro uncertainty still exists Aluminum prices are cautious

In terms of spot, Shanghai trading concentration is 14300~14310 yuan / ton, discount for the month is 50~30 yuan / ton, Wuxi transaction concentration is 14300~14310 yuan / ton, Hangzhou transaction concentration is 14300~14320 yuan / ton
.
The spot discount continued to narrow, the operating space of traders was compressed, and downstream enterprises remained cold on demand, and the overall transaction was slightly worse
than yesterday.

In terms of inventory, LME aluminum stocks were 1162750 tons, down 7,550 tons from the previous trading day; The last period of aluminum inventory was 731544 tons, an increase of 1446 tons
over the previous trading day.

In terms of news,

1.
According to Chinese customs data, China's exports of unwrought aluminum and aluminum products in July were 519,000 tons, an increase of 18% year-on-year and 09,000 tons
month-on-month.
In the first seven months of this year, China exported 3.
234 million tons of unwrought aluminum and aluminum products, an increase of 12.
3%
year-on-year.

2.
The notice of the People's Government of Shandong Province on printing and distributing the operational plan for winning the blue sky defense war in Shandong Province and the three-phase action plan of the air pollution prevention and control plan for 2013-2020 (2018-2020) mentioned that the new production capacity
of the "two high" industries such as steel, coking and electrolytic aluminum should be strictly controlled.

3.
Australian unions said Wednesday that Alcoa workers in WA have begun an indefinite strike
over a labour agreement dispute.
The union said in a statement that the strike was due to Alcoa's request to the Australian factory regulator to terminate the existing agreement
.
Alcoa currently owns three alumina plants and two bauxite mines in the region, and Alcoa has an annual capacity interest of 8.
97 million tons of alumina and employs approximately 1,600 people
.

Recently affected by the depreciation of the RMB, the export of aluminum-related commodities continued to remain high in July, of which the export orders of aluminum plate, strip and foil and aluminum profile enterprises continued to improve
.
The sudden indefinite strike of Alcoa West Australian workers has made the global alumina supply shortage affected by the Hydro incident increasingly serious, and the market's expectation of a jump in alumina prices is reflected in the strong breakthrough of aluminum prices to the upside
.
Shandong Province's notice on the issuance of the third phase of the blue sky defense action plan shows that the new production capacity of electrolytic aluminum will be limited, which will also promote the strengthening
of aluminum prices to a certain extent.
Based on this, aluminum prices are running strongly in the short term, and continue to pay attention to the Alcoa WA strike incident and the Sino-US trade war process
.