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Aluminum prices rose again yesterday, and the main contract broke through and stood firm.
Since this week, the scale of production reduction has expanded and the destocking force is large, stimulating the upward trend of aluminum prices, but the current positive factors are difficult to support a strong rebound, on the one hand, the industry's losses are more by compressing upstream profits, the strength and willingness to reduce production is limited, on the other hand, although demand has a seasonal recovery, but the overall year is still not optimistic
.
On the whole, the short-term rebound is fragile, and the price is also quite entangled, it is not recommended to chase long, wait and see, bears temporarily avoid, waiting for better entry opportunities
.
Affected by the epidemic, overseas bauxite has been disrupted, which is expected to affect
the domestic bauxite supply.
China's aluminum exports in March were 518,000 tons, a month-on-month increase of 60.
38%.
The improvement in aluminum exports mainly comes from the postponement of orders in January and February, and the optimism of aluminum exports in the second quarter is doubtful
under the influence of the epidemic.
Alumina prices continued to fall, which eased the losses of electrolytic aluminum companies
.
The current production capacity of electrolytic aluminum is about 400,000-500,000 tons, but it is still unable to hedge the collapse of demand, and the subsequent aluminum price rebound height still needs to observe the degree
of production reduction of electrolytic aluminum plants.
Recently, the market risk appetite has improved, the improvement of aluminum export data and the disturbance of the mine end have driven aluminum prices upward, and activist investors can lightly hold long positions in Shanghai aluminum, while still needing to pay attention to the impact
of the overseas epidemic on consumption.
Industry News:
Global miner Rio Tinto said on Friday it still forecasted annual alumina production of 7.
80-8.
2 million tonnes, compared with 2.
01 million tonnes
in the first quarter.
Aluminum production in the first quarter was 783,000 tons, compared with 796,000 tons
in the same period last year.
2.
Spain's Alu Iberica aluminium restarted two aluminum plants in La Coruïa and Aviles on April 10, involving a total capacity of 180,000 tons, and said that the resumption of production will strictly abide by preventive measures and try to reduce the number of personnel to a minimum
.
3.
Recently, the first batch of finished aluminum ingots of Yunnan Shenhuo Aluminum Company located in Funing County successfully rolled off the production line
.
It is understood that the overall scale of Yunnan Shenhuo's 900,000-ton green hydropower aluminum integration project is an annual output of 900,000 tons of electrolytic aluminum, with a total static investment of about 5.
4 billion yuan, using the current international advanced 500KA series of large-scale electrolytic cell types and advanced desulfurization processes to ensure that the control of energy consumption reaches the international first-class level, and the control of various emissions is better than the national standard
.
