Market demand cools down, aluminum prices are under pressure to maintain a volatile trend

Externally, the steady expansion of US economic data consolidated the prospect of the Fed's interest rate hike, intraday aluminum fell slightly, and the support below focused on $
2,000.

In terms of inventory, LME aluminum stocks were 1177550 tons, down 7,725 tons from the previous trading day, and the decline was mainly concentrated in Asian warehouses; The previous period of aluminum inventory was 730847 tons, down 895 tons
from the previous trading day.

In terms of market, Guangdong South Reserve was 14460 yuan / ton, up 10 yuan / ton; Yangtze River nonferrous metal 14290 yuan / ton, unchanged from the previous trading day; Shanghai trade 14290 yuan / ton, unchanged from the previous trading day; Shanghai Wutrade rose to a discount of -50 yuan / ton, unchanged
from the previous trading day.
Holders ship stably, but sell at a high price, spot discounts maintain stability, middlemen and downstream enterprises purchase stably, and the overall transaction maintains stability
.

In terms of alumina, Guiyang's primary alumina quotation was 2870 yuan / ton, unchanged from the previous trading day; Shanxi first-class alumina quotation of 3,000 yuan / ton, unchanged from the previous trading day; Henan first-class alumina quotation was 3010 yuan / ton, unchanged
from the previous trading day.
Alumina prices remained stable
for several days in a row.
Since last week, the price of alumina has hovered around 3,000 yuan / ton, and the momentum has weakened, but the price performance is still firm
.
With the elimination of backward production capacity in the later stage and the implementation of pollution prevention and control measures in autumn and winter, the production reduction and suspension of alumina may be further strengthened, and the price still has room
to rise.

In terms of electrolytic aluminum, the payment of policy cross-subsidies by coal-fired captive power plants in some regions will undoubtedly increase the cost of electrolytic aluminum and give certain support
to aluminum prices.
However, the off-season of high-temperature consumption has not yet ended, demand is weak, and the market is trading light
.
Coupled with the increasingly tense trade situation constantly suppressing base metals, although aluminum prices have shown some resistance to decline, it is difficult to completely rule out interference
.
Based on this, it is expected that Shanghai aluminum will maintain a volatile operation in the short term, and continue to pay attention to the autumn and winter environmental protection production restriction policy and the trade war process
in the later stage.

In terms of news, the Jilin Provincial Price Bureau issued the Notice on the Third Batch of Matters Related to the Reduction of General Industrial and Commercial Electricity Prices in our Province (Jilin Provincial Price [2018] No.
134) on August 1, proposing that from July 1, enterprises should pay policy cross-subsidies according to their own electricity consumption every month, and the collection standard is 0.
15 yuan / kWh
.