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Aluminum market morning comment: The US dollar index strengthened sharply, overnight the outer metal fell across the board, and Russia's cancellation of aluminum export tariffs imposed in August exacerbated the decline in aluminum prices
.
The three-month aluminum price on the London Stock Exchange fell 4.
93% to $2553.
5/ton
.
Shanghai aluminum night trading also fell heavily, and the main 2112 contract closed below 18885 yuan / ton
.
In the morning, the overall trading of the spot market was repeated, the early stage was slightly insufficient, and the price fell slightly in the later period, and the mainstream trading price in Shanghai in the early stage was around 19950 yuan / ton, which was about 100 discount to futures
.
The mainstream transaction price in Guangdong is around 20,060 yuan / ton
.
With the gradual recovery of global shipping, the supply chain has been repaired, and the mismatch between supply and demand in the global aluminum market has been alleviated, resulting in a decline
in aluminum prices.
Domestic consumption has improved recently, but the downturn in the real estate market has caused consumption concerns in the later period, while output has remained stable and declining, and the fundamentals of supply and demand have improved
marginally.
However, the current bearish atmosphere is strong, and the fall in costs has also dragged down aluminum prices
.
Operationally, it is not recommended to chase short, wait and see
.
