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The dollar index continued to strengthen, news that China would cut the value-added tax rate, and aluminum prices fell sharply overnight
.
The three-month aluminum price on the London Stock Exchange fell 2.
02% to $1872/ton
.
Shanghai aluminum night trading was also affected by the rumors of tax cuts, the main 1905 contract gaped low, and then further fell and closed at 13540 yuan / ton
.
In terms of inventory, LME aluminum stocks were 1230225 tons, down 2,725 tons from the previous trading day, and the aluminum warehouse receipts of the previous period were 538767 tons, an increase of 725 tons
from the previous trading day.
On March 4, SMM statistics on domestic electrolytic aluminum social stocks (including SHFE warehouse receipts): Shanghai area 313,000 tons, Wuxi area 647,000 tons, Hangzhou area 149,000 tons, Gongyi area 158,000 tons, South China Sea area 367,000 tons, Tianjin 57,000 tons, Linyi 31,000 tons, Chongqing 33,000 tons, consumption area aluminum ingot inventory total 1.
755 million tons, an increase of 11,000 tons from last Thursday, inventory growth narrowed
.
In terms of spot, the mainstream transaction price in Shanghai is traded between 13610~13630 yuan / ton, and the discount is 60~50 yuan / ton for the month
.
In the morning, Chalco received nearly 3,000 tons at a price nearly 40 yuan / ton higher than the market transaction price, and the cargo holders shipped very actively, and then its receipt price was gradually lowered to around 13620 yuan / ton, the overall market led by Chalco was active, traders and middlemen traded actively, and downstream manufacturers basically performed on-demand procurement on the first day of this week, and there was not much brightness
.
The overall transaction in East China was better
.
In terms of news, according to people familiar with the matter, as part of the economic stimulus measures, China plans to reduce the value-added tax rate of the first tranche, which mainly covers the manufacturing industry, by 3 percentage points
.
The overnight aluminum futures contract reacted strongly to the upcoming value-added tax reduction in China reported by Bloomberg in the evening, and the price difference behind 1903, 1904 and 1905 quickly widened, and the price difference once widened by 150 yuan / ton
.
From the perspective of aluminum prices themselves, the downstream recovery supports aluminum prices, but the improvement of aluminum industry profits has induced new production to accelerate the suppression of aluminum prices, and aluminum prices have shown a strong trend
of shock.
Due to the expectation of tax reduction, value preservation should pay attention to choosing a more suitable contract
.
