August 24 aluminum market brief commentary

On Friday, the main 1910 contract of Shanghai aluminum opened at 14265 yuan / ton in the morning, and the short short left the market first after the opening, superimposed on some long positions to increase positions, the price rose slightly to 14300 yuan / ton, and then both long and short sides were mainly reducing positions, and the long and short positions were increased before the afternoon, and the price fell to 14240 yuan / ton; In the afternoon, the bears took profits at a low level, the plate was able to rebound, back to the moving average group, the highest touched 14315 yuan / ton, the end of the day bulls again withdrew some of the funds, the price correction closed at 14285 yuan / ton, the main price of Shanghai aluminum fell 55 yuan / ton on the day, down 0.
38%.

South China South China aluminum ingot quotation 14270-14370 yuan, the average price of 14320 yuan, down 50 yuan, the month premium 30 yuan, morning traders to the price of shipment, downstream near the weekend replenishment behavior increased, the transaction is more active, the secondary transaction base price downward, supply and demand are weak, the mainstream transaction price is concentrated between 14310-14330 yuan, compared with the average price of South China South China premium -10~10 yuan
.

The price of South Reserve East China aluminum ingots was 14290-14330 yuan, and the average price was 14310 yuan, down 60
.
Yangtze River: 14280-14320, 14300 down 70
.
The middlemen are active in receiving goods, the market circulation is tight, the attitude of the holders to sell and raise the price is obvious, and the overall transaction within the day is acceptable
.
The transaction was mainly concentrated between 14290-14320 yuan, which was -20~10 yuan higher than the average price of South China East China
.

In the short term, the reduction of electrolytic aluminum operating capacity in Shandong and Xinjiang has basically been digested, the new production capacity reduction in Sichuan and the production capacity in Guangxi are similar in scale, the new changes on the supply side are not much, the accumulation of inventory this week weakens the confidence of bulls, and the main contract of Shanghai aluminum will remain strong and volatile
.