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Trade Service
Last week, the price trend of Shanghai aluminum maintained a weak and volatile trend; The average weekly settlement price of the 1908 contract of Shanghai Aluminum in the current month was 13863 yuan, an increase of about 0.
22% from the settlement price last week; The weekly chart fell 0.
54%.
Externally, the hawkish remarks of the Federal Reserve helped the US dollar index to strengthen and put pressure on the commodity market, coupled with the unsatisfactory effect of Sino-US trade and businessmen, the market risk aversion heated up, and the price of London aluminum fell
setback.
The price trend of aluminum within the week maintained a volatile downward trend
.
The market mainly focuses on the $1700 support level
.
In terms of the market, the spot aluminum price trend last week maintained a trend of first falling and then rising and then falling, CCMN data showed that the weekly average quotation of Yangtze River spot AOO aluminum ingots was 13876 yuan per ton, down 22 yuan / ton per week, and the average price of Yangtze River spot aluminum per ton in the previous week was 13846 yuan, up 30 yuan / ton, up 0.
22%
month-on-month.
In terms of inventory, last week's Lun aluminum inventory trend maintained a trend of first rising and then declining, the latest inventory reported 1,024,200 metric tons, a total of 2,875 metric tons of increased inventory, an increase of about 0.
3%; The total aluminum stock of the Shanghai Futures Exchange this week was 403,660 tons, an increase of 7,260 tons, or about 1.
8%,
from last week.
Domestically: China's manufacturing sector expanded faster than expected in July, but it is still in
contraction territory.
Internationally: The Fed announced that it will cut its benchmark interest rate target range by 25 basis points to 2.
00%-2.
25%, the first rate cut in 10 years
.
In addition, the Fed will end its "balance sheet reduction" in August, two months
earlier than expected.
Aluminum market dynamics:
1.
The supply chain for Audi e-tron electric vehicles is becoming more sustainable, and Hydro has now begun supplying sustainable aluminum for the battery housing of Audi's first all-electric model
.
2.
In 2019, the aluminum output of Huolin Gol City is expected to reach 1.
76 million tons, accounting for 5% of the country, with the gradual release of productivity of high value-added projects such as double zero foil, aluminum silver paste, spherical aluminum powder, aluminum die-casting profiles, automotive aluminum and aluminum jewelry, and is striding towards the goal of the national high-end aluminum production and processing base
.
Looking ahead, Sino-US trade relations have reached another stalemate, market risk aversion has heated up, coupled with weak economic data weakening the metal demand outlook, spot aluminum prices have been weak during the week
.
In the off-season of consumption, market demand is difficult to improve, the trend of aluminum market volatility remains unchanged, and spot aluminum prices are expected to remain weak and volatile
.