September 15 Shanghai aluminum brief comment

On the supply side: aluminum enterprises have steadily released their investment and recovery capacity, Yunnan Hongtai began to power up last week, and the investment and recovery capacity has continued to be released, the operating rate of electrolytic aluminum has continued to rise, and there is a loose trend on the supply side; Cost side: the cost of alumina rose, and the profit margin narrowed to 12617 yuan
.
In terms of premium: domestic spot premium was adjusted to 20 yuan / ton, and the discount range of Lun aluminum was slightly expanded to 38.
05 US dollars, continuing to maintain a high level; in terms of inventory: LME stocks continued to decline by 4,150 tons to 1,516,500 tons, and the inventory in the previous period rose by 1,913 tons to 231,300 tons, and the social library rose by 04,000 tons to 759,000 tons according to the data on September 10, and the social electrolytic aluminum inventory continued to rise
.

At present, in the context of macro stabilization, market risk appetite gradually rebounded, while domestic social inventories remained low to bring strong support to aluminum prices, market bullish sentiment gradually rising, but near the futures for a month, and the recovery of peak season demand remains to be seen, short-term advice cautious chasing up, Shanghai aluminum main force can continue to pay attention to 1.
44-14,700 range volatility, operation can be bought on demand, it is expected that tomorrow's spot aluminum will continue to fluctuate trend
.