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Today's Shanghai aluminum morning trading is mainly sideways, the Belt and Road summit is ready to be held, the market performance is optimistic, but the weak fundamentals make the aluminum market bearish atmosphere continue, it is expected that Shanghai aluminum short-term will still be in the 13700-13900 yuan range narrow consolidation, pay attention to whether the summit can be favorable good news
.
Externally, U.
S.
crude oil inventories fell, while OPEC's extended production cut agreement became clearer, investor confidence increased, oil prices were boosted by higher commodity market sentiment, overnight Lun aluminum fluctuated at a high level, closing higher and higher, up 0.
38%.
At present, the market is waiting for next Monday's industrial activity data, intraday sentiment is cautious, aluminum prices or shock consolidation is dominant
.
In terms of the market, the domestic spot aluminum price rose slightly yesterday, and the price of Yangtze River nonferrous AOO aluminum ingots was reported at 13730 yuan / ton, up 40 yuan / ton; The AOO aluminum ingot price in East China of Chalco was reported at 136,700 yuan / ton, down 30 yuan, and the cumulative decline of spot aluminum since yesterday was about 2.
3%; The poor market has made downstream procurement more cautious, investors are concerned about China's industrial activity and investment data coming out next week, and the market is more wait-and-see towards the weekend, and spot aluminum is expected to rise or fall limited
.
In terms of inventory, the London Metal Exchange (LME) 11 Lun aluminum's latest inventory reported 1,564,800 metric tons, down 5,775 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 14,880 metric tons, unchanged
from the previous trading day's inventory.
In terms of news, after the Spring Festival, China's alumina prices continued to fall from a high of 3,000 yuan / ton, and in just three months, the price of alumina fell by more than 700 yuan / ton, and the current price level has fallen below the average complete cost
of the domestic alumina industry.
It is understood that affected by low prices, intensified operating pressure and other factors, Chalco decided to shut down part of its alumina production capacity, involving a scale of nearly 1 million tons per year
.
It mainly includes the 800,000 tons/year alumina production line of Chalco Shanxi Branch and the 250,000 tons/year ore adding and thickening production line of Chalco Zhongzhou, with a total production capacity of 1.
05 million tons/year
.
