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    Home > Chemicals Industry > New Chemical Materials > China's data is not performing well, short-term aluminum prices are under pressure

    China's data is not performing well, short-term aluminum prices are under pressure

    • Last Update: 2022-12-02
    • Source: Internet
    • Author: User
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    Overnight, the main force of Shanghai aluminum opened at 11875 yuan / ton, the bulls took the lead in increasing their positions, aluminum prices climbed 11975 yuan / ton, short high position increase game bulls, aluminum prices fell back below the daily moving average, the late bulls continued to exert force, short-term short positions closed and left, Shanghai aluminum rose back to the daily moving average, closing at 11935 yuan / ton
    .

    Aluminum prices

    In terms of external trading, overnight, Lun aluminum opened at 1561 US dollars / ton, Asian crude oil rebounded slightly, Lun aluminum stood on the daily moving average, touching 1567.
    5 US dollars / ton
    .
    Entering the European and American session, Lun aluminum fell near the daily moving average, and fluctuated around the daily moving average, touching $1551.
    5 / ton at a low and closing at $1559 / ton
    .

    In terms of news, Rusal executives said that China's aluminum consumption is expected to increase by up to 7%
    this year.
    China has shut down about 4 million tonnes of aluminum capacity
    since July 2015.
    Rusal said that the global aluminum industry as a whole is facing the problem of overcapacity, and the aluminum industry needs to adjust its strategy
    due to the slowdown in demand.

    In terms of the market, the spot trading price of Yangtze River was 11970-12010 yuan / ton, down 390 yuan / ton; Guangdong South Reserve reported 12170-12270 yuan / ton, down 320 yuan / ton; Hua reported 12080-12100 yuan / ton, down 390 yuan / ton; The average domestic spot trading price is between
    11970-12010 yuan / ton.
    Aluminum fell sharply during the day, holders sold at a high price, middlemen and downstream were willing to receive goods, and the overall transaction was more active
    .

    From the recent market sentiment, macro-level performance, PMI and import and export data are not ideal, yesterday's CPI, PPI data is also low, coupled with the black plunge, has been falsifying the expectation of the previous economic U-shaped reversal, while confirming that the previous economic recovery is only a phased and seasonal recovery
    .
    It's just that the current fundamentals of the aluminum industry chain are still strong, and the short-term aluminum price has fallen too fast, and there is room for upward revision in the later period
    .

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