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Today's Shanghai aluminum main month 2010 contract opened at 14390 yuan / ton, the highest intraday 14415 yuan / ton, the lowest 14335 yuan / ton, settled 14370 yuan / ton, and closed at 14340 yuan / ton, down 40 yuan
.
Today's Shanghai aluminum is weak and volatile, low inventory provides bottom support, but new production capacity continues to increase, short-term aluminum prices remain volatile
.
In the external market, today's Lun aluminum rushed back down, LME three-month aluminum Beijing time at 15:01 at 1774.
5 US dollars / ton, down 9 US dollars, or 0.
50%
from the previous trading day's settlement price.
In terms of the market, today's spot trading price of Yangtze River is 14550-14590 yuan / ton, unchanged; Guangdong South Reserve reported 14670-14760 yuan / ton, down 20 yuan; Hua reported 14670-14690 yuan / ton, flat
.
Holders are actively shipping, the receiving sentiment is general, downstream consumption is not good, and the transaction is still weak
.
Industry news, on September 9, the last 1463# electrolyzer in the third section of the 500,000-ton hydropower aluminum project with an annual output of 500,000 tons was electrified, marking the completion of all 372 electrolyzers of the hydropower aluminum project
.
Up to now, the project has started and put into operation a total of 346 electrolyzers, with a daily output of about 1,000 tons of molten aluminum, and the electrolysis production line is expected to be fully put into operation
on September 14.
Macro-level, China's PPI fell 2.
0% year-on-year and rose 0.
3% month-on-month in August, indicating a sustained recovery in the domestic economy and improved demand, in addition, the dollar retreated, easing the pressure on metal prices
.
In terms of supply, aluminum enterprises have steadily released production capacity, Yunnan Hongtai began power testing this week, and the industry investment and recovery capacity continues to release, the operating rate of the electrolytic aluminum industry continues to rise, and the pressure on the supply side may continue to rise
.
In terms of demand, the current consumer side still continues to be weak in the previous period, but the inventory of the aluminum ingot market has not yet shown an inflection point, and the recovery pace in the peak season is slower
than expected.
Pay attention to the improvement of downstream operating rates
.
Overall, the recovery pace of the short-term peak season is slow, but there is limited space below aluminum prices under low inventories, and the supply increment before the end of October is difficult to cope with the increase
in demand in the peak season.
