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The trend of aluminum prices is weak, and there is a risk of falling back at a high level

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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spot metal prices

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On Wednesday, the main monthly 2008 contract of Shanghai aluminum opened at 13655 yuan / ton, the highest intraday 13700 yuan / ton, the lowest 13590 yuan / ton, settled 13625 yuan / ton, and closed at 13605 yuan / ton, down 70 yuan
.
The trend of Shanghai aluminum is weak during the day, the trend of inventory dematerialization continues, overseas demand is still weak, and there is pressure
above aluminum prices.

Aluminum prices

In the external market, Lun aluminum rushed back down, and the LME three-month aluminum Beijing time was reported at 1590 US dollars / ton at 15:00, down 1.
5 US dollars, or 0.
09%,
from the settlement price of the previous trading day.

In terms of the market, the spot trading price of Yangtze River was 14000-14040 yuan / ton, up 10 yuan; Guangdong South Reserve reported 14070-14130 yuan / ton, down 10 yuan; Hua reported 14100-14120 yuan / ton, down 20 yuan
.
The enthusiasm for receiving goods downstream is acceptable, and some of the stock demand is more active
.

In terms of news, data from the General Administration of Customs showed that China's aluminum imports more than doubled year-on-year in May, but failed to exceed a 10-year high, as rare pricing phenomena made domestic buyers find that imported aluminum prices are relatively
cheaper.
At present, the new production of electrolytic aluminum in China has accelerated, the speed of aluminum ingot destocking has gradually slowed down, and spot aluminum prices are expected to fall
.

In July, the impact of weakening demand under the traditional consumption off-season will gradually appear, and the inventory may have a turning point that makes the price of electrolytic aluminum fall back to a high level, but it is still necessary to be vigilant about the delivery risk that may be brought by the tight supply of spots, making the 07-08 contract spread widen
again.

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