Shanghai aluminum continued to break downward, and the decline slowed down

Today, Lun aluminum rebounded, LME three-month Beijing time at 15:01 at 2279 US dollars / ton, up 9 US dollars, or 0.
40%,
from the previous trading day's settlement price.

Today's Shanghai aluminum opened low and volatile, the decline slowed down during the day, the Fed's hawkish meeting minutes put pressure on metal prices, domestic consumption off-season and market confidence was insufficient, superimposed inventory accumulation is obvious, dragging down the price trend, short-term aluminum prices remain weak
.

In terms of the market, today's spot trading price of Yangtze River is 17710-17750 yuan / ton, down 290 yuan, discount 30-discount 70; Guangdong spot 17690-17750 yuan / ton, down 270 yuan, discount 90-discount 30; Hua reported 17760-17800 yuan / ton, down 290 yuan
.
Cargo holders continued to reduce shipments, downstream bargain hunting replenishment but limited demand, the overall maintenance of a cautious wait-and-see mentality, trading is quiet
.

In terms of news, according to foreign media news, in the renewed contract, Russian aluminum giant Rusal agreed to continue to supply primary aluminum and aluminum scrap
to KraMZ, a subsidiary of En+Group.
RUSAL announced that it will supply approximately 77,220 tons of aluminum by December 31, 2023, with an annual turnover of approximately USD 179.
2 million
.
Rusal's main products are primary aluminum and aluminum-based alloys, alumina, foil and packaging
.

Domestic supply and demand off-season is weak, the arrival volume is too much resulting in obvious inventory accumulation, especially in Wuxi area arrival increment is obvious, and according to market feedback, at present, some downstream enterprises have been on holiday, downstream overall consumption is not smooth, it is expected that the later market trading will become more and more flat, the overall decline continues to break downward, and aluminum is expected to fall
.