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Overnight, the PBOC's RRR cut led to a rebound in crude oil prices, and Lun Aluminum rose by $11, but China's official manufacturing PMI in February may be difficult to improve, and the current market sentiment is more cautious, and aluminum is expected to fall
today.
Overnight crude oil rose to drive a rebound in base metals, Lun aluminum rose slightly by $11 in late trading, and the latest quotation was $1572, an increase of 0.
7%; Today's Shanghai aluminum opening is mixed, the current month 1603 contract opened at 11260 yuan, up 20 yuan, 9:20 Shanghai aluminum 1603 contract latest price is 11230 yuan, down 10 yuan; The People's Bank of China's RRR cut was positive, but China's official manufacturing PMI fell to 49 in February and fell short of expectations, which returned to cautious market sentiment, and Shanghai aluminum may be
mainly consolidated.
The latest inventory of London Metal Exchange (LME) on the 29th was 2760825 metric tons, down 7975 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 16100 metric tons, unchanged
from the previous trading day's inventory.
Yesterday's domestic spot aluminum prices rose slightly, AOO aluminum ingots reported 11160 yuan - 11200 yuan / ton, the average price was 11180 yuan / ton, up 50 yuan / ton, Chinalco East China AOO aluminum ingots reported 11270 yuan / ton, up 70 yuan / ton; Supported by the recovery in demand, aluminum prices have been strong recently, but the poor official manufacturing data for February released today has suppressed market sentiment, and the intraday rally may slow down, and spot aluminum is expected to be slightly
lowered today.
On the evening of the 29th Beijing time, Bloomberg said that India plans to increase tariffs on imported aluminum and zinc to curb cheap supplies mainly from China and protect the interests of
domestic metal producers.
According to the draft budget for the new fiscal year released on Monday, the Indian government plans to raise import duties on primary aluminum from 5% to 7.
5%, import duties on other aluminum products from 7.
5% to 10%, and import duties on zinc alloys from the current 5% to 7.
5%.
Indian Mines Minister Balvinder Kumar said earlier this month that the surge in aluminum imports remained the most worrying issue and that the Indian government was considering imposing protective tariffs
.
India's aluminium imports rose 4.
5 percent to 1.
13 million mt
in the eight months to the end of November, according to the Commerce and Industry Commerce Statistics Bureau of the Ministry of Commerce and Industry.
