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Overnight, Shanghai aluminum strengthened and broke through the previous high
.
Recently, the national power shortage situation has become more and more serious, Yunnan, Guangxi, Guizhou, Inner Mongolia, Henan and other places have appeared power cuts, over the weekend Guangxi issued another document to urge electrolytic aluminum enterprises to implement peak power consumption, it is expected that the scale of production reduction will expand by nearly 400,000 tons, and the supply will continue to shrink and amplify the gap between supply and
demand.
On Monday, the aluminum ingot society fell by about 10,000 tons to 720,000 tons, and the market remained tight
.
In the case that the domestic power problem is difficult to solve in the short term, it is expected that Shanghai aluminum will maintain the upward trend of gravity and hold
more positions.
Ingot inventories continued to decline on Monday, ranging from 0.
8 to 724,000 tonnes
from last Thursday.
There are still obvious disturbances on both sides of supply and demand this week, among which the supply side, the production limit requirements of the power grid in Guangxi may be further expanded, and on the demand side, the power shortage in Henan has restricted
processing enterprises in Zhengzhou, Luoyang and other places.
At present, the fundamentals are increasingly affected by the power shortage, especially on the supply side, and the scope of production restrictions caused by the lack of electricity in the southwest region has gradually expanded, and the supply situation that was expected to improve in August has not improved, but has further deteriorated; On the demand side, except for some areas in Henan affected by electricity, due to the tightening of control caused by the rebound of the domestic epidemic, the regional transportation efficiency has declined, and the operating rate of processing enterprises has decreased
slightly.
From a fundamental point of view, the supply side is more disrupted and lasts longer, and the gap between supply and demand is gradually widening, which is conducive to prices
.
However, the current epidemic rebound may bring about changes in macro sentiment, and the better-than-expected performance of the US economic data in July has intensified the policy game, resulting in increased short-term aluminum price volatility, but the situation of high operation has not changed
.
