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Aluminum market review, overnight Lun aluminum continued to close up, Shanghai aluminum shock closed down
.
From a macro perspective, new home sales in the United States in March were better than expected, but the Richmond Fed manufacturing index in April was significantly lower than expected and the previous value, and the Eurozone consumer confidence index in April was also less than expected, indicating that overseas manufacturing is still under pressure
.
The governor of the Bank of Japan said that if policy easing continues, the central bank is ready to take a combination of measures
.
From the perspective of the industry, the previously announced electrolytic aluminum inventory continues to fall significantly, alumina prices have rebounded, and downstream consumption is better, which has better support
for aluminum prices.
In terms of spot trading, the market supply is more sufficient, the trading between traders is more active, and the downstream is still dominated by on-demand procurement, and the overall transaction is better
.
In terms of inventories, the latest LME inventory was 1,047,100 tons, down 6,825 tons from the previous trading day, and the aluminum warehouse receipt in the previous period was 401669 tons, down 2,593 tons
from the previous trading day.
In terms of spot, the transaction price in Shanghai is between 14160~14210 yuan / ton, near Pingshui, the transaction price in Wuxi is between 14190~14210 yuan / ton, and the transaction price in Hangzhou is between
14210-14230 yuan / ton.
The intraday market has sufficient supply, holders are very active in shipments, and there are few receivers, the market shows a situation of more and less supply, and the actual trading activity has dropped
sharply compared with the previous day.
Downstream manufacturers are still mainly based on on-demand procurement, and the enthusiasm for receiving goods is not high
.
In terms of news, customs data shows that alumina exports in March 2019 were 4,439 tons, with a cumulative export of 150,700 tons
in the first quarter.
In March, 30,000 tons of alumina were imported, and the cumulative import in the first quarter was 162,000 tons
.
Ministry of Industry and Information Technology: It is expected that the production of new energy vehicles may exceed 1.
5 million units
this year.
The overnight dollar index rose intraday, putting pressure on the metal plate, and Shanghai aluminum was the most resistant to declines
in the sector.
For aluminum prices, it is now in a state of accelerating to catch up, industry profits have greatly improved, it is reported that Qinghai Province's grid power talks about 0.
3 yuan / ton, Baihe aluminum and western hydropower resumption of production will soon follow
.
At present, it is a game stage between the actual destocking acceleration and the expectation of resumption of production, and the higher the price resistance, the greater the risk of pullback
.
