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Shanghai aluminum fluctuated at the 1st line yesterday, and the overnight external market fell more than 1%
due to the market plunge.
Aluminum prices are relatively limited space, the lower has touched the industry cost line, downward elasticity is very small, although there is an expectation of consumption improvement in the long term, but high inventory and production release suppress the rebound height, it is expected that short-term prices are still dominated by weak shocks, speculators remain on the sidelines
.
Domestic commodity futures closed, energy and chemical industry fell sharply, asphalt main contracts fell to the limit, crude oil fell by more than 8%, fuel oil fell by more than 7%, eggs fell by more than 4%, soybean oil, palm, Zheng oil fell by more than 3%; Only a few varieties such as manganese silicon, coking coal, and thread closed higher
.
Non-ferrous metals in the domestic futures market continued to be weak, and Shanghai aluminum followed the decline, and the rebound was weak
.
Industry News:
1.
Recently, the Development and Reform Commission of Inner Mongolia Autonomous Region issued a review opinion on the energy saving report of the 300,000-ton alumina project in the Shenhua Junger mining area
.
It is understood that the project is located in the Junger Banner Road Industrial Park, with a construction scale of 300,000 tons of fly ash per year, an annual output of 125,000 tons of alumina as an intermediate product, for the production of 65,000 tons of electrolytic aluminum, of which electrolytic aluminum is processed into 32357.
4t of pure aluminum ingot, 22520t of refined aluminum ingots and 10000t
of high-purity aluminum ingots.
2.
In 2019, China's aluminum industry continued to adhere to supply-side structural reform, strictly controlled the new production capacity of electrolytic aluminum, strictly implemented the capacity replacement policy, the industry production and operation situation is good, the efficiency of the smelting industry has been greatly improved, but the price continues to fluctuate and fall, and the pressure of the international trade situation increases
.
3.
Tokyo, March 10 news, a number of industry sources said on Tuesday that the first quarterly aluminum premium agreement reached between Japanese consumers and international traders for monthly shipments in the April-June quarter was finalized at a premium of $82/ton compared with the average spot settlement price of the London Metal Exchange (LME), CIF Japan
.
Buyers confirmed that the contract premium for high-quality Western grade metal was $82/mt, with a volume of more than 500 tonnes
per month.
According to the buyer, the official offer was at $75/mt, which remains valid
in negotiations with other suppliers.
The agreement is 22% below Platts IQ's Q2 2019 estimate of US$105/mt and down from US$83/mt
in Q1.
Overseas panic is difficult to eliminate, Shanghai aluminum shock fell today, as of the close of three o'clock, the main 2005 contract closed down 0.
69% to 12870, down 90 from the previous trading day; The domestic downstream has recovered, but under the influence of epidemic risk aversion, the short-term will maintain the pattern of oversupply, superimposed social aluminum ingot inventory accumulation far exceeds market expectations, still inhibit the trend of aluminum prices, from the trend point of view, the weak shock of aluminum prices continues, the following focus on support around 12500-12600; Spot aluminum prices are expected to fall
tomorrow.
