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Today's Shanghai aluminum main monthly 1705 contract opened at 13670 yuan, intraday high 13895 yuan low 13620 yuan, and closed at 13835, up 195 yuan / ton
from the previous trading day.
Malaysia continues to extend the bauxite mining ban or reduce the pressure on spot supply, Shanghai aluminum rose sharply today, but the rise in domestic aluminum prices is still suppressed by high inventories and rising supply growth, and aluminum prices have limited room for operation in the short term
.
In terms of news, Malaysia extends bauxite mining ban until June 30, 2017, Malaysia's Minister of Natural Resources and Environment Wan Junaidi Tuanku Jaafar said that there are still 2.
15 million tons of bauxite near Kuantan County, the capital of Pahang state, which is the main bauxite producing state, totaling 5.
4 million tons
.
After Indonesia banned exports, Laisia largely left the bauxite industry largely unregulated in 2014, allowing volumes to increase to fill the supply gap, but the frantic pace of mining has sparked public outrage
over water pollution and other environmental damage.
The government imposed a three-month ban on bauxite mining in January last year and has been extended several times pending a dwindling
stockpile.
Malaysia's extension of the mining ban is expected to have little impact on China, which already receives bauxite resources
from other countries such as Guinea.
In terms of the market, aluminum fell back to around 13685 yuan / ton today after rising overnight that month
.
Shanghai transaction concentration is 13520-13540 yuan / ton, the discount for the month is 160-140 yuan / ton, Wuxi transaction concentration is 13520-13530 yuan / ton, Hangzhou transaction concentration is 13550-13570 yuan / ton
.
After a sharp rise overnight, the spot price rose by 100 yuan / ton compared with yesterday, the holders were active in high shipments, the middlemen sold low and sold high to earn the difference in the middle, downstream enterprises bought up but not down, today's purchasing enthusiasm slightly improved, the overall transaction was stable and rising
.
Today's aluminum prices stopped falling and rebounded, but affected by the tight capital at the end of the quarter, the purchasing power of aluminum manufacturers has weakened, and the inventory of aluminum ingots in the near Japanese market has increased
.
Of course, affected by environmental factors, the increase in the amount of aluminum rods used by aluminum manufacturers is also an important factor
affecting the demand for aluminum ingots.
However, supported by the cost line, the industry still has confidence
in the aluminum market.
