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On Tuesday, the main contract of Shanghai aluminum in the morning opened at 14190 yuan / ton, after touching a slight higher at the beginning of the session and then testing the pressure level of 14220 yuan / ton, the bears actively entered the market to put pressure, Shanghai aluminum volume shock downward low touched 14130 yuan / ton, the afternoon bulls protected the heart, pushed up aluminum prices to repair the decline to close at 14185 yuan / ton, Shanghai aluminum recorded a doji, on the one hand, the cost of rising alumina prices rebounded, on the other hand, the expected pressure of inventory inflection point caused by the deterioration of supply and demand fundamentals in the aluminum market, Therefore, there is a certain divergence in the current market, and it is expected that aluminum prices will remain low in the short term, and it is difficult to take a unilateral market
.
In terms of external trading, Lun aluminum opened at 2107 US dollars / ton in the morning, and the Asian market began to rise slightly in Lun aluminum, and then the high fluctuated above the 10-day moving average, touching 2126.
5 US dollars / ton, and the copper lead and zinc at the end of the Asian market in the afternoon fell rapidly, and the Lun aluminum volume fell to a low of 2098.
5 US dollars / ton, but then repaired the decline out of the small V, as of 17:56, Lun aluminum fell again to 2105 US dollars / ton, overseas alumina prices are rebounding, and the gap between supply and demand in the overseas aluminum market objectively exists, In the context of the decline in domestic aluminum output month-on-month, it is expected that Lun aluminum will perform relatively strongly
in non-ferrous metals.
In terms of spot, the Shanghai transaction concentration was 13980~14000 yuan / ton before the afternoon, the discount for the month was 30~20 yuan / ton, the Wuxi transaction concentration was 13980~14000 yuan / ton, and the Hangzhou transaction concentration was 14000~14020 yuan / ton
.
Cargo holders shipped steadily, discounted recycling, middlemen weakened to receive goods, some enterprises with wrong prices in the early stage made up inventory, downstream enterprises' consumption became weaker, and the overall purchasing intensity under on-demand procurement weakened in July, and the overall transaction fell
from the previous day.
In the late afternoon, aluminum first fell and then rose, and the market traded 13980~14010 yuan / ton, a small amount of transactions
.
Market News:
1.
Russia will increase domestic aluminum consumption by 300,000 tons this year under the background of US sanctions, and Russia consumed about 1 million tons of aluminum in 2017, and domestic aluminum consumption can grow to 2.
5 million tons in five years
.
2.
Emirates Aluminium (EGA) is working on a $1.
4 billion bauxite project in Guinea and has announced that the project is 50%
complete.
EGA is currently developing bauxite and related export facilities
in the Republic of Guinea, West Africa.
