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Overnight, the main Shanghai aluminum 2209 closed at 18585, up 90, and LME aluminum closed at 2413.
5, up 17
.
Macro: Economic data continued to fall in July, the Bureau of Statistics said that the foundation is still not solid, and the real estate market is still in the bottoming stage; US retail sales in July actually reported 0% m/m, 0.
1% expected and 1% prior, but core retail sales at the same time exceeded expectations; Fed minutes revealed a possible reduction in interest rate hikes, and Fed officials mentioned the risk of
excessive policy tightening.
In terms of fundamentals, SMM inventory on the 15th reported 698,000 tons, an increase of 05,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 138,500 tons, down 03,500 tons from last Thursday; in July 2022, China exported 652,100 tons of unwrought aluminum and aluminum products; the cumulative export from January to July was 4.
1606 million tons, a year-on-year increase of 34.
9%; In June, the import of unwrought aluminum and aluminum products was 187,300 tons, down 36.
3% year-on-year; From January to June, the cumulative import was 1.
0839 million tons, down 25.
9%
year-on-year.
A year-on-year decrease of 24.
9
%.
Aba aluminum industry reduced production due to accidents, domestic high temperature weather caused industrial power rationing, Sichuan electrolytic aluminum production again reduced, a cumulative impact of more than 600,000 tons of production capacity
.
Hydro issued an announcement that its Sunndal aluminum plant in Norway workers will hold a strike on August 22, the aluminum plant will stop production by 20% in the first four weeks, the total capacity of Sunndal aluminum plant is 390,000 tons / year, the strike will involve a production capacity of about 80,000 tons / year; In addition, Hydro plans to close its aluminum plant in Slovakia in September, with an existing capacity of about 100,000 tons
.
Domestic and foreign electrolytic aluminum production capacity has fallen into production reduction again, and supply concerns have risen under low metal inventory, but the recent spot consumption and recession expectations have limited the rise of aluminum, and it is expected that the recent aluminum price shock will be strong
.
