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Today's Shanghai aluminum narrow range volatility, late end slightly higher, the main 1907 contract closed up 0.
07% at the end of the day to 14085, up 10 from the previous trading day; From the trend point of view, macro short, as well as consumption turned weak, are bearish aluminum price trend, but in view of the continuous decline of inventory, long and short game, short-term aluminum prices still maintain a volatile market, below the focus on the 14,000 mark support, the rise and fall is limited; it is expected that tomorrow's spot aluminum price fluctuations are not large, or a small rise of 0-50 yuan
.
In terms of spot, the transaction price of Shanghai is between 14070-14090 yuan / ton, the price is about 80 yuan / ton lower than the previous day, the flat water ~ premium of the month is 10 yuan / ton, the spot transaction price of Wuxi is between 14070-14090 yuan / ton, and the transaction price of Hangzhou is between
14120-14140 yuan / ton.
The pace of shipment of cargo holders remained normal, because spot aluminum prices had fallen for seven consecutive days before noon, in line with the market psychological price, superimposed on the spot circulation was not as loose as before, and some traders and downstream manufacturers were significantly more willing to take advantage of the dip
.
Data show that in May (31 days) China's alumina (metallurgical grade) output was 5.
971 million tons, down 1.
39% year-on-year, the annualized operating capacity was 70.
3037 million tons, down 336,000 tons, down 990,600 tons, the average daily output was 193,000 tons, down 01,000 tons from April, and China's alumina production from January to May 2019 was 29.
564 million tons, up 4.
19%
year-on-year.
In terms of inventory, the latest inventory of LME aluminum was 1,131,900 tons, down 9,200 tons from the previous trading day, and the aluminum warehouse receipt in the previous period was 229897 tons, down 7,566 tons
from the previous trading day.
The recently released manufacturing PMI data of major economies performed poorly, market risk appetite declined, and Shanghai aluminum fell below the 14100 support
.
The impact of environmental events on alumina supply gradually faded, and alumina prices began to loosen downward, but the alumina gap still existed in June, so the depth of the price correction was limited
.
The raw material end of alumina runs at a high level, but it still erodes the profits of the electrolytic aluminum industry, the process of electrolytic aluminum resumption is slow, the production capacity is still lower than the same period last year, the production growth rate from January to April is only 1%, and the spot destocking has not slowed down, which inhibits
the depth of the aluminum price pullback.
