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The overnight futures market consolidated as a whole, and the main force of Shanghai aluminum generally fluctuated to the downside
.
The opening was 14,625 yuan, the highest intraday was 14,675 yuan, the lowest was 14,520 yuan, and it closed at 14,525 yuan, down 130 yuan, or 0.
89%.
Recently, the market risk sentiment has switched, and the performance of Shanghai aluminum has resisted the decline
.
Near delivery, the spot premium of aluminum ingots fell back to around
50 yuan / ton.
In terms of inventory, the LME latest aluminum inventory was 1493175 tons, down 5,925 tons from the previous trading day; The aluminum warehouse receipt of the previous period was 114348 tons, down 20,583 tons
from the previous trading day.
In terms of spot, the mainstream spot transaction price in Shanghai, Wuxi and Hangzhou markets is concentrated between 14730-14770 yuan / ton, and the premium is 90-130 yuan / ton
.
In terms of news, data released by the International Aluminium Association (IAI) on Monday showed that global primary aluminum production fell to 5.
485 million tons in August, compared with 5.
489 million tons
revised in July.
China's primary aluminium production is expected to remain at 3.
17 million mt in August compared to a revised 3.
17 million mt
in July, IAI added.
Macro-level, there is a trend of secondary outbreaks of overseas epidemics, market concerns affect economic recovery and hit metal demand, and risk aversion is heating up
.
In the short term, aluminum prices fluctuate
at a high level.
In the long run, due to the acceleration of the pace of supply-side release and the slowdown of the recovery rhythm of the peak season on the demand side, the change in the rhythm of supply and demand makes the upward movement of aluminum prices gradually weaken
over time.
