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Aluminum market early comment: Europe's sharp rise in energy prices has intensified production reduction concerns, as Nystar, a large European zinc smelter, has cut production by 50%
due to soaring costs.
In addition, the sharp weakening of the US dollar index in recent days has also stimulated the price of
metals.
Overnight, the outer metal rose sharply across the board, and the three-month aluminum price on the London Stock Exchange rose 2.
76% to $3139 / ton
.
Shanghai aluminum night trading opened high and low, and weak supply and demand fundamentals shook bulls
.
The main 2111 contract was up to 24,000 yuan / ton, closing at 23,675 yuan / ton
.
Spot market transactions in the morning are still poor, downstream orders are down, and procurement volumes are low
.
The mainstream trading price in Shanghai is around 23220 yuan / ton, which is about 20 lower than the futures
.
The mainstream transaction price in Guangdong is around 23230 yuan / ton
.
At present, energy prices are still the focus of market attention, and domestic coal prices continue to rise, resulting in rising electricity prices superimposed on the sharp rise in the price of raw materials such as alumina, and the cost of electrolytic aluminum continues to rise
.
However, the current consumption is sluggish, and inventories have risen sharply, putting pressure on domestic aluminum prices
.
Short-term overseas supply compression concerns support the strengthening of external prices, which in turn drives domestic aluminum prices, but in the case of weak fundamentals, the rise in Shanghai aluminum may be difficult to sustain, or fluctuate widely, and it is not recommended to chase higher
.
