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International oil prices rose sharply during the domestic long holiday, geopolitical changes are the reason for the rise in oil prices, investors continue to pay attention to Trump's sanctions on Iranian oil exports, coupled with the continuous decline in aluminum inventories to support prices, Lun aluminum weekly rise of 2.
5%, the latest closing price at 2106 US dollars / ton, last Friday Lun aluminum fell from the high, down 67 US dollars, down 3.
11%; The trading volume of 17112 lots decreased by 5420 lots, and the position volume of 678843 lots increased by 1013 lots
.
The market is closed during the domestic National Day holiday, and there is no Shanghai aluminum night trading data
.
During the domestic long holiday, international oil prices rose sharply, coupled with the continuous decline in Lun aluminum inventories support, Lun aluminum weekly line rose 2.
5%, the central bank lowered the reserve requirement to deliver good news, market sentiment is good, it is expected that spot aluminum will rise
today.
In terms of inventory, the London Metal Exchange (LME) reported 966,900 metric tons of London aluminum on October 05, down 7,175 metric tons, or 0.
74%, from the previous trading day's inventory, and fell 20.
23%
in the last 52 trading days.
During the National Day, on October 3, after Hydro Aluminium suddenly announced that it was ready to shut down the remaining 50% of Alunorte's 3.
2 million tons of alumina capacity, Lun Aluminium soared by 6.
4%, but things quickly reversed, and on October 6, Hydro announced that it had received approval from IBAMA, Brazil's federal environmental agency, to use a new filter press equipment, 50% of which did not have to be stopped, and Lun Aluminium gave up all its gains
.
From a macro perspective, the US economy has performed well, the strength of the US dollar has put certain pressure on the economies of emerging economies, China's PMI in September was 50.
8, the lowest point since March this year, and the downward pressure on the economy is unabated
.
In terms of primary aluminum supply, due to the decline in aluminum prices but high costs eroding industry profits, new production was slow to start, and supply remained stable; In terms of consumption, real estate developers reduce prices and promote to dominate the National Day real estate market, the atmosphere is obviously empty, some downstream processing before the holiday is suspended during the holiday, and the resumption
of production after the holiday depends on the order situation, and the consumption side is weak.
Therefore, Hydro plans to stop production until the farce of continuing to operate, and aluminum prices may not change the weak situation
before the downstream holiday recovers.
The Alunorte alumina refinery under Hydro, the world's largest alumina plant, was closed, the labor dispute in Alcoa Australia Mine remained unresolved, and aluminum prices soared during the Yangtze River; China's central bank has lowered the RRR by 1 percentage point from October 15, the fourth RRR cut this year, releasing about 1.
2 trillion yuan
.
The People's Bank of China lowered the RRR to deliver good news, the market sentiment is good, and spot aluminum prices are expected to rise
today.
