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Recently, the adjustment of industrial metals represented by copper is mainly related
to the fine-tuning of China's monetary policy tone in the second quarter and the profit taking of profit funds in the early stage.
However, considering that the overall macro environment is still stable, supply disturbances and consumption start-up are expected to drive copper prices, and aluminum prices will also consolidate the bottom shock recovery
.
Operationally, it is recommended that investors enter the copper market below 50,000 on the pullback, maintain a more thinking on the aluminum market, and continue to pay attention to the medium-term rising opportunities
of nonferrous metals.
In terms of inventory, LME aluminum stocks 1068325 tons, down 6,125 tons from the previous trading day, and the aluminum warehouse receipts in the previous period were 437772 tons, down 6,292 tons
from the previous trading day.
In terms of spot, the transaction price in Shanghai is concentrated between 13850-13860 yuan / ton, the flat water to liter of 10 yuan / ton in the month, the transaction price in Wuxi is between 13850-13860 yuan / ton, and the transaction price in Hangzhou is between
13850-13870 yuan / ton.
The market is more abundant, but the monthly difference has widened slightly due to the approaching delivery date, and traders have significantly increased from last week, and trading with each other is active
.
The downstream is still dominated by on-demand procurement, and the receipt of goods is flat
.
The transaction price in Shanghai began to be concentrated between 13820-13840 yuan / ton, and the 20-10 yuan / ton was posted for the month, down nearly 20 yuan / ton from yesterday, the transaction price in Wuxi was between 13820-13840 yuan / ton, and the transaction price in Hangzhou was between
13840-13850 yuan / ton.
The market supply is more abundant, traders are more active, and the downstream is still mainly based on on-demand procurement, and the receipt of goods is flat
.
Logic: The Department of Industry and Information Technology of Shandong Province issued a public announcement on the replacement plan of 542,000 tons of electrolytic aluminum production capacity in Weiqiao, Shandong, according to the public plan for the replacement capacity to be dismantled and put into production after the indicators are put into production, the resumption of production progress in Weiqiao in 2019 is lower than market expectations, and the response to reduce its output, aluminum prices are affected by this, and there is a surge performance
.
On the micro side, the impact of last month's stockpiling and some downstream orders has gradually faded, and the speed of spot destocking is expected to return to normal, and during the peak season, supply will remain low to support aluminum prices
.
