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Non-ferrous metals in the overnight futures market adjusted to varying degrees, and Shanghai aluminum followed the market and maintained a narrow range of fluctuations
.
The social library went to the warehouse, the Shanghai aluminum daily market continued to rise, the night market fell back, Lun aluminum updated a ten-year high, the highest 2734.
5 points
.
On the macro front, the Caixin China Manufacturing PMI fell 1.
1 percentage points to 49.
2 in August, falling into contraction territory for the first time since May 2020
.
The number of ADP in the United States in August and September increased by 374,000, which was below the previous 613,000 and expectations, and the employment data was less than expected, which once again reduced the urgency of the Fed's monetary policy shift, and the dollar index and US Treasury yields were weak.
Next, pay attention to the US non-farm payrolls data for August
, which will be released on the evening of September 3.
On the supply side, on September 1, the national reserve released 70,000 tons of aluminum reserves, and the transaction price in various places was between 19950-20270, which was about 1,000 yuan / ton lower than the current spot price
.
Guangxi Power Grid issued a notice requiring some enterprises in the province to limit power and production
.
Among them, the output of electrolytic aluminum enterprises in September shall not exceed 80% of the average output in the first half of the year, which means that the production will be reduced by 20%
on the basis of the previous average monthly output.
Guangxi has a total production capacity of 2.
65 million tons, which is equivalent to a monthly output of 220,000 tons, and a 20% decrease is a decrease of 44,000 tons per month
.
The output of electrolytic aluminum enterprises in Changji area of Xinjiang also received a notice that it should not exceed the average monthly output
of the annual capacity plan.
At present, the southwest and northwest production capacity restrictions linkage, aluminum prices are expected to continue to rise
.
On the consumer side, 11 key companies produced 707,000 vehicles in early to mid-August 2021, down 34.
3%
y/y.
Among them, passenger car production decreased by 28.
9% y/y; Commercial vehicle production decreased by 44.
1%
y/y.
Following Goldman Sachs' cut in its third-quarter U.
S.
GDP forecast, Bank of America followed suit by cutting its third-quarter GDP forecast to 4.
5%
from 7%.
