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Trade Service
Yesterday's Shanghai aluminum intraday shock downward, the night trading slightly rebounded, the main contract closed at 13995
.
The fundamentals of electrolytic aluminum show signs of marginal weakening, and the bullish drive brought by the upfront cost has been reflected, and the price of alumina has stopped rising in the context of resumption and increase of production
.
The overall electrolytic aluminum inventory is still in the dematerialization cycle, but it is understood that due to the small amount of arrivals, the output of aluminum ingots has been lower than the same period of previous years for four consecutive weeks, and there are signs
of marginal weakening of consumption.
In terms of inventory, the latest inventory of LME aluminum was 1105750 tons, down 5,725 tons from the previous trading day, and the aluminum warehouse receipt of the previous period was 212306 tons, down 5,030 tons
from the previous trading day.
In terms of spot, the spot trading price in Shanghai is between 14000-14020 yuan / ton, the flat water ~ liter of 20 yuan / ton on the opposite plate, down 30 yuan / ton from before the holiday, the transaction price of Wuxi is between 14000-14020 yuan / ton, and the transaction price of Hangzhou is between
14020-14040 yuan / ton.
The market is full of supplies, traders are more active in shipments, some traders consider that the delivery is approaching, the later premium may expand, the willingness to receive goods has also increased significantly, and the overall trading is active
.
As prices continued to decline, downstream manufacturers began to wait and see, and although there was a certain replenishment after the holiday, the procurement intensity was obviously not as good as before the
holiday.
Data show that in May (31 days), China's electrolytic aluminum production was 3.
041 million tons, down 1.
0% year-on-year, and the total domestic electrolytic aluminum output from January to May was 14.
564 million tons, down 1.
3%
year-on-year.
In May (31 days), China's alumina (metallurgical grade) output was 5.
971 million tons, down 1.
4% year-on-year, the annualized operating capacity was 70.
304 million tons, down 336,000 tons, down 991,000 tons, the average daily output was 193,000 tons, down 01,000 tons from April, and China's alumina output from January to May 2019 was 29.
564 million tons, up 4.
29%
year-on-year.
Yesterday's overall performance of the sector was strong, but aluminum closed down, after the market announced that the output of electrolytic aluminum and alumina in May was lower than the same period last year, and aluminum recovered the 14,000 mark overnight
.
Alumina prices soared, industry profits improved, stimulating capacity utilization upward, alumina supply gap was gradually filled, prices basically peaked, but the existence of short-term gaps supported its high operation
.
This makes the profits of the electrolytic aluminum industry erode, the process of resuming electrolytic aluminum production is slow, the production capacity is still lower than the same period last year, the spot destocking has not slowed down, the depth of the aluminum price pullback is inhibited, and the aluminum price is shocked
.
