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Last week, Shanghai aluminum fluctuated higher, and the main contract once again tested the 14500 mark, but due to factors such as Sino-US tensions, it failed to effectively stand firm and gave up some of its gains; From a fundamental point of view, the off-season everywhere, but the effect is not obvious compared to previous years, electrolytic aluminum is constantly going to inventory, which supports the price, but the macro factors are greatly disturbed, and the Sino-US consulate turmoil is rising again, bearish aluminum price trend; Under the long-short game, aluminum prices may fall into a shock adjustment next week, and the main contract focuses on fluctuations in the range of 1.
41-14,600, mainly low absorption and high
selling.
Continue to pay attention to the subsequent development of
China-US relations.
The US dollar index fell to the lowest level in nearly two years, and the stimulus policies of many countries were frequently boosted, and last week the Lun aluminum shock moved upward, once breaking through the 1700 mark during the session, the highest rose to $1709, and the operating range was 1654-1709 yuan / ton; The market lacks actual favorable stimulus, short-term pressure on the 1700 mark remains, cautiously chasing higher, next week temporarily pay attention to the 1650-1710 range fluctuations, need to be vigilant due to the deterioration of Sino-US relations caused by risk factors
.
Spot: As of last Friday, the spot aluminum price in East China was reported between 14520-14560 yuan / ton, up 170 yuan from last week, and the futures premium fell back to 130; It is expected that next week's rise or slowdown, return to range adjustment, East China spot aluminum fluctuation range 14200-14700; Operationally buy on demand in small quantities on the dip
.
East China: Under the influence of the off-season, the speed of electrolytic aluminum destocking has slowed down significantly, but it still maintains a low level, aluminum price support is still there, the overall performance of aluminum rose last week, as of last Friday, East China spot aluminum prices were 14520-14560 yuan / ton, up 170 yuan / ton
from last Friday.
In terms of market transactions, last week's market arrivals increased, the East China market was more abundant, it was difficult for holders to hold prices, and the spot high premium gradually fell, and it has fallen from last week's premium around 300 to 130, the middleman trading atmosphere is acceptable, but downstream enterprises maintain on-demand buying, and the overall transaction is average
.
South China: As of last Friday, the price of Foshan Nanhai aluminum ingot with tickets was between 14740-14840 yuan / ton, up 180 yuan / ton
from last Friday.
In terms of market transactions, last week, the South China market was still affected by aluminum imported aluminum ingots, and the price was lower than the domestic aluminum ingot price, which was more favored by the market, and downstream enterprises suffered from the weakening of demand in the off-season.
Stocks: Last week's domestic social electrolytic aluminum stocks, Shanghai area 112,000 tons, Wuxi area 21.
6 tons, Hangzhou area 97,000 tons, Gongyi area 38,000 tons, South China Sea area 174,000 tons, Tianjin 56,000 tons, Linyi 05,000 tons, Chongqing 04,000 tons, consumption area aluminum ingot stocks totaled 702,000 tons, down 06,000 tons
from last Friday.
Last week, Shanghai aluminum fluctuated higher, testing 14500 again; Electrolytic aluminum continued to destock, which supported the price, but Sino-US relations deteriorated, and under the long-short game, Shanghai aluminum short-term or fell into shock adjustment, the main focus was 1.
41-14,600
.
