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Overnight Shanghai aluminum rushed higher, the spot market on the late basis weakening and absolute price bearish impact, holders of goods actively shipped, middlemen and downstream goods slightly wait-and-see, the market mainstream bus price in 22440-22480 yuan / ton, trading is general
.
The amount of aluminum put in this batch is 70,000 tons, which still has little impact on the market, but it can also moderately alleviate the tight situation on the supply side, and the recent performance has accumulated
.
Short-term aluminum prices may be strongly affected by stocks, and there is support
at 22000-22500.
In terms of fundamentals, SMM inventory on the 23rd reported 789,000 tons, an increase of 23,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 167,500 tons, an increase of 45,000 tons from last Thursday; the export of unwrought aluminum and aluminum products in August was 490,000 tons, an increase of 21,000 tons from the previous month, and exports increased steadily; imported primary aluminum was 104,000 tons, down 75,000 tons
from the previous month.
Guangxi, Guizhou, Inner Mongolia, Shaanxi, Yunnan and other places are rumored to cut power and production, and supply reduction is expected to increase
again.
Affected by the rise in aluminum prices, downstream consumption has been seriously hindered, aluminum rod production has decreased, the amount of ingots has increased, and inventory has risen in peak seasons, and the upward pressure is significant
.
Affected by the soaring price of aluminum and silicon-magnesium alloying elements, coupled with comprehensive power restrictions, downstream consumption is seriously hindered, and the inventory in the peak season does not fall but rises, and the inventory is expected to continue to increase sharply as the holiday approaches; The pressure of upstream power curtailment and production reduction has not decreased, Guangxi, Inner Mongolia and Yunnan have increased production, and supply has continued to contract; Macro risk sentiment rose and the dollar rose
.
