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Yesterday's sharp surge in aluminum inventories dragged aluminum prices to perform poorly, and London aluminum closed down $16 overnight, but the US February non-farm payrolls data is expected to stimulate the recovery of commodity consumer demand, and spot aluminum is expected to rise
slightly today.
Yesterday's sharp surge in aluminum inventory dragged aluminum prices to poor performance, overnight Lun aluminum closed down $16, the latest quotation was $1575, down more than 1%; Today's Shanghai aluminum opened high, the current month 1603 contract opened at 11265 yuan, up 60 yuan, 9:20 Shanghai aluminum 1603 contract latest price was 11255 yuan, up 50 yuan; Short-term market bulls dominate, and it is expected that the trend of Shanghai aluminum will be strong
during the day.
The latest inventory of London Metal Exchange (LME) 3-day London aluminum was 2791925 metric tons, an increase of 40,825 metric tons over the previous trading day's inventory, and the latest inventory of aluminum alloy was 16,100 metric tons, unchanged
from the previous trading day's inventory.
Yesterday's domestic spot aluminum quotations remained stable, AOO aluminum ingots reported 11070 yuan - 11110 yuan / ton, the average price was 11090 yuan / ton, flat, and Chinalco's AOO aluminum ingots in East China reported 11170 yuan / ton, down 40 yuan / ton; The US February non-farm payrolls data that will be released this evening is expected to turn around to stimulate the trend of commodities, and the market consumer demand has also rebounded, and Shanghai aluminum today may continue to have a strong trend, and spot aluminum is expected to continue to rise
today.
Caracas, March 3 news, Venezuela's Ministry of Industry said in its annual report that Venezuelan aluminum production continued to decline in 2015, but iron ore production increased slightly, due to labor disputes, investment cautiousness and a deep economic recession
last year.
Venezuela, Latin America's largest producer of aluminum, produced 90,795 tonnes of aluminum last year, down 15 percent
from 2014.
The government says it hopes mine production will pick up this year, but President Nicolas Maduro has asked the country's metals companies to reduce shipments to help implement energy-saving programs
.
