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The market focused on the progress of Sino-US trade negotiations, Shanghai aluminum opened low and high yesterday evening, and the latest closing price of the main month 1810 contract was 14750 yuan / ton, up 80 yuan, or 0.
55%.
Overnight, Lun aluminum fluctuated and consolidated, and the latest closing price was at $2,070 / ton, up $5, or 0.
24%.
In terms of inventory, LME aluminum stocks 1099975 tons, down 2,475 tons from the previous trading day; The aluminum inventory in the previous period was 721364 tons, down 2481 tons
from the previous trading day.
In terms of spot, Shanghai transaction concentration is 14530~14550 yuan / ton, the discount for the month is 60~50 yuan / ton, Wuxi transaction concentration is 14530~14550 yuan / ton, Hangzhou transaction concentration is 14560~14580 yuan / ton
.
Carriers ship goods stably, middlemen ship goods first and then receive goods at low prices to maintain stable inventory, downstream enterprises purchase on demand, and the overall transaction is average
.
In terms of alumina, Guiyang primary alumina quotation was 3110 yuan / ton, up 20 yuan / ton; Shanxi first-class alumina quotation of 3300 yuan / ton, up 20 yuan / ton; Henan first-class alumina quotation was 3275 yuan / ton, up 5 yuan / ton
.
Alumina prices maintained their upward trend
.
In terms of news, according to the "Announcement of the Tariff Commission of the State Council on Tariffs on About $16 Billion of Imported Goods Originating in the United States", China's 25% tariff on about $16 billion of goods originating in the United States was officially implemented
at 12:01 on the 23rd.
In terms of industries, China's scrap metal imports in July fell 31% year-on-year to 410,000 tons, but still increased by 2.
5% from June, according to Chinese customs data.
China's July scrap imports were 120,000 tonnes, down 25.
6% year-on-year but up 9%
month-on-month.
At present, the Sino-US trade negotiations have not yet reached a conclusion, the two sides have begun to impose tariffs on the 16 billion US dollars of goods imported by each other, the market sentiment is slightly pessimistic, and the Shanghai aluminum daily market has fallen
slightly.
In terms of fundamentals, alumina prices rose strongly, electrolytic aluminum inventories continued to decline, coupled with the upcoming consumption season in September, the market's expectations for aluminum prices to rise gradually strengthened, but in the short term, affected by the macro atmosphere such as Sino-US trade frictions, Shanghai aluminum is under upward pressure, continue to pay attention to this round of trade to talk about new developments and the impact
on market sentiment.
