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Overnight, Shanghai aluminum volatility was strong, and the main force AL2209 closed at 18550 yuan / ton, down 0.
05%.
Sichuan's power rationing measures have been extended, and the local electrolytic aluminum has basically stopped, affecting the production capacity of 1 million tons, and Chongqing and Henan also have pressure reduction that will affect production, and the supply pressure will weaken.
However, the downstream is also affected by power cuts, and the continuous lack of improvement in real estate makes it difficult for aluminum consumption to improve
significantly.
Subsequent accumulation may still occur, but the expected large surplus will be significantly alleviated
.
Shanghai aluminum has been running in the range of 17700-18800 yuan for a month, short-term or continued shock waiting for the direction of breakthrough
.
In terms of news, the pressure of power rationing in Sichuan has further escalated, and some industrial electricity users in the province have limited power and stopped production, and the remaining 20% of electrolytic aluminum has stopped production
again.
SMM aluminum ingot stocks reported 683,000 tons on Monday, up 03,000 tons from last Thursday, with a slight increase
in East China.
The central bank cut interest rates as scheduled, and today announced that the loan market quotation rate (LPR) for August is: 3.
65% for 1-year LPR (3.
7% in the previous month) and 4.
3% for LPR over 5 years (4.
45% in the previous month).
Aluminum recently around 18500 yuan shock operation, yesterday Shanghai spot aluminum ingot quotation 18560-18600 yuan / ton, the average price of 18580 yuan / ton, up 160 yuan / ton from the previous trading day, the 2209 contract reported 20 ~ liter 20 yuan / ton
.
Due to power cuts, the production capacity of electrolytic aluminum is partially limited, but on the other hand, the overall consumption is sluggish, the orders of downstream enterprises have not turned around, and the market transaction is limited
.
In the case of weak supply and demand, aluminum prices are expected to maintain volatile operation
.
