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Last week, Shanghai aluminum bottomed out
.
Deflationary fears from the rebound in Europe and difficulties in easing measures in the United States weighed
on risk assets.
The social inventory of aluminum ingots continued to decline by 20,000 tons, but the downstream feedback consumption season performance was not obvious, and the market pressure gradually reflected
as the supply steadily increased.
The medium-term trend is weaker after the fall of aluminum breakdown, but in the case of warehouse receipts falling below 100,000 tons and the spot premium of aluminum ingots is as high as 300 yuan, a phased rebound of Shanghai aluminum stocks is possible
.
In terms of the market, the price of Chinalco East China AOO aluminum ingots was 14280 yuan / ton, up 50 yuan
.
China's scrap aluminum imports in August were 71,860 tons, down 22.
2% month-on-month and 48.
9% year-on-year; Electrolytic aluminum social inventory has recently fallen, and the refined waste price spread continues to narrow, boosting the replacement demand for primary aluminum, and spot aluminum prices are expected to rise
today.
The resurgence of the overseas epidemic has caused market concerns, and the strong rebound of the US dollar has suppressed base metal prices
.
In the industry, the social inventory of aluminum ingots has slightly dematerialized, down 24,000 tons week-on-week to 716,000 tons, the traditional consumption season is expected to weaken, the high profit of electrolytic aluminum stimulates production capacity to accelerate production, supply pressure gradually accumulates, and downstream consumer orders need to be observed
.
On the whole, the high pullback pressure of aluminum prices is greater, and it is still weak and volatile after a rapid decline
.
It is recommended that value henders mainly sell short at high prices, and Shanghai aluminum 10-12 positive sets can continue to be held, and options are temporarily wait-and-see
.
