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On Wednesday, the main monthly 1902 contract of Shanghai aluminum opened at 13,800 yuan, with an intraday high of 13,875 yuan and a low of 13,780 yuan, and closed at 13,790 at the end of the day, up 30 yuan / ton
from the previous trading day.
The news of production cuts has risen again, coupled with the increase in domestic small long holiday market stocks, aluminum prices have been temporarily supported, and Shanghai aluminum has risen slightly within the day, but the market lacks substantial positive support, aluminum prices have limited upward space, and the market is mainly
volatile.
In terms of the market, the spot trading price of Yangtze River was 13680-13720 yuan / ton, up 60 yuan / ton; Guangdong South Reserve reported 13810-13910 yuan / ton, up 70 yuan / ton; Hua reported 13800-13820 yuan / ton, up 80 yuan / ton; The average domestic spot trading price is between
13680-13720 yuan / ton.
Intraday aluminum continued to rise, holders shipped actively, downstream enterprises did not have obvious stocks, on-demand procurement, and market transactions were relatively light
.
Industry News:
1.
Guinea's domestic production of bauxite has risen steadily since 2015, increasing by 40% to 42.
716 million tons in 2017, accounting for 14.
42%
of global aluminum ore production.
2.
The unanimous Winning Alliance and the Guinean government, signed by the three conventions on mining, railways and alumina plants, will plan the construction of a bauxite development project, a 135-kilometer railway and an alumina plant
in the Bokai area.
Shanghai aluminum continued its upward pace in recent days, but at present, the market circulation is abundant, and downstream consumption is sluggish, and it is difficult
to trade at high prices.
On the whole, the initial discount of traders expanded slightly compared with the previous day, but the middlemen were not enthusiastic about receiving goods at high prices, and only a few transactions
were made.
Since then, as the market price continues to rise, traders have significantly expanded their discount to the January contract, despite this, the spot price of aluminum ingots is still more than 50 yuan / ton higher than yesterday, and the market is crowded, but the receiver is relatively small, and the transaction is average
.
