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On Tuesday, the collapse of the crude oil market led to a sharp weakening of non-ferrous metals, and Shanghai aluminum fell back to 12,100 yuan / ton
.
Domestic aluminum consumption is good, social stocks continued to decline by more than 70,000 tons on Monday, and the volume of shipments reached the level of the peak season of previous years, and the aluminum ingot factory warehouse and social inventory in the past three weeks achieved more than 300,000 tons of destocking
.
On the macro front, the global epidemic is showing signs of slowing down; Trump announced a new round of economic stimulus package; Italian Prime Minister: Gradually relax control measures and resume production from May 4; U.
S.
crude oil continued to plummet, U.
S.
stocks tumbled, the dollar soared, gold fell, VIX soared, and market panic rebounded
.
The price of Chinalco East China AOO aluminum ingots was 12270 yuan / ton, down 300 yuan
.
Domestic aluminum ingot social inventory continues to deteriorate, processing plant production resumes, but the impact of the epidemic on the global economy continues, overseas orders decline significantly, downstream demand is still difficult to say optimistic, today's spot aluminum prices or rise and fall limited
.
Market news, as of March 6, 2020, the rectification and sales number of the electrolytic aluminum industry in Tongliao City have been completed, and the official website of the Inner Mongolia government, the official website of the Autonomous Region Department of Ecology and Environment, and the news media of Inner Mongolia Daily issued a publicity of the sales number, and no objections were received during the publicity period, and the number
was cancelled.
During the rectification period, a total of 1,388,100 tons
of electrolytic aluminum production capacity was replaced.
At present, the destocking of the aluminum market is expected to continue, but the sustainability of strong consumption is doubtful, the collapse of electrolytic aluminum costs and the weak overseas consumption on Lun aluminum have an adverse impact on Shanghai aluminum, Shanghai aluminum still has the risk of continuing to fall, it is recommended to wait and see
for the time being.
