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Overnight, Shanghai aluminum fluctuated
in a narrow range.
Recently, Yunnan, Guangxi, Guizhou, Inner Mongolia, Henan and other places have reduced production to varying degrees, and the scale of production reduction has reached 2 million tons so far this year, and there is a possibility of further production reduction, and supply contraction continues to amplify the gap is expected
.
This week, the aluminum ingot society fell by 25,000 tons to 730,000 tons, and the market is still tight
.
Aluminum prices lagged back or reappeared in buying demand, and Shanghai aluminum temporarily maintained the upward trend
of gravity.
On the macro front, the number of initial jobless claims in the United States for the week was 385,000 tons, in line with market expectations, and the dollar index basically closed flat
.
Due to the tight power supply in Guangxi, a 500,000-ton electrolytic aluminum enterprise in the region was required to reduce production, and under the background of power restrictions, electrolytic aluminum production capacity continued to be limited
.
In the downstream, the production of aluminum strip enterprises in Henan has recovered rapidly, and the operating rate of leading aluminum processing enterprises last week rebounded by 2.
6% from the previous week, and the inventory announced on Thursday has fallen to 732,000 tons
.
If you look at it from the perspective of the entire August, under the influence of the impact of the epidemic, seasonal consumption off-season, the national reserve dumping and other factors, the overall social treasury in August may have a certain accumulation, and the trend of aluminum prices is relatively under pressure
.
Operationally, it is necessary to be vigilant against the risk of price correction, and it is recommended to pay attention to potential influencing factors
such as the cooling down of the government's high-level shouts, the weakening of macro demand, and the reduction of export tax rebates.
