The overall marginal weakening of fundamentals Aluminum prices fluctuated weakly after soaring

At the macro level, the Fed's monetary policy has not turned, the market liquidity is abundant, and the Politburo meeting determined that the monetary and fiscal policy has been slightly tightened, but the overall easing tone remains unchanged
.

At present, the trading logic of aluminum is still macro good and low inventory support
.
South China aluminum spot to Shanghai aluminum 2008 contract discount of 30-50 yuan / ton, the basis remains negative, Guangdong and Shanghai spot actual transaction price difference in 30-50 yuan / ton, slightly narrower than yesterday, Huaqian, Shenhuo and other low-iron aluminum ingots are 10-30 yuan / ton higher than ordinary aluminum, Russia, India and other imported aluminum ingots are 50-100 yuan / ton cheaper than domestic production
.

Domestically, the resumption of work of specific downstream enterprises is gradually improving, but the operating rate is still low compared to the same period last year, in July aluminum processing enterprise operating rate, aluminum plate and foil, aluminum profiles, aluminum cables and recycled aluminum alloy enterprises operating rate has fallen year-on-year, the current domestic aluminum inventory into a slight destocking, social inventory accumulation around 680,000 tons, for the recent low range, downstream consumption began to improve, into July with the accumulation of expectations strengthened, consumption began to weaken, the overall marginal of fundamentals weakened, In terms of consumption, it pays attention to the pulling effect
of infrastructure and real estate completed area on aluminum.