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The current bearish factor in aluminum prices still comes from the pressure of new electrolytic aluminum production capacity, and the 1.
08 million tons of Yunnan Hongtai production capacity of the first phase of this week's market attention has begun to be put into operation, and long-term supply pressure still exists
.
In addition, the "gold nine silver ten" is expected to still not perform this week, dragging down aluminum prices
.
In addition to possible peak season support on the consumer side, inventories continued to decline to around 740,000 tonnes this week also gave some traders confidence
.
This week, the demand in the East China market was weak in the early stage, downstream on-demand procurement, aluminum prices fell in the later period, holders shipped at high prices, the demand side performed wait-and-see, and the overall transaction was average; In the South China market, the early stage of the shippers was cautious in shipments, and the large households continued to receive goods at high prices, but the downstream receiving was flat, and the later period was also due to the decline in aluminum prices, the holders shipped at high prices, and the middlemen performed actively, but the downstream received goods on demand, and the overall transaction was flat
.
On the macro front, U.
S.
stocks suffered panic sell-offs, commodities generally fell, commodities led the decline, silver, palm oil, Shanghai aluminum led the decline, and the foreign epidemic has a rising trend, the market is worried
about this.
On the supply side, aluminum enterprises have steadily released production capacity, Yunnan Hongtai has been powered on since early September, and recently Weiqiao Yunnan project has also begun to put into production, production capacity has accelerated, electrolytic aluminum operating rate continues to rise, and there is a loose trend
on the supply side.
In terms of stocks, LME stocks continued to fall by 3,950 tons to 1,482,200 tons, the previous inventory fell by 2,275 tons to 249,000 tons, and the social bank fell by 13,000 tons to 716,000 tons according to the data on September 21, and the social electrolytic aluminum inventory went to storage
for three consecutive periods.
Overall, in terms of raw materials, alumina prices bottomed out, the current profits of the electrolytic aluminum industry have shrunk but are still at a high level, and the demand side has entered the September consumption season, but the demand has not met expectations, and the overall performance is relatively weak
.
The overseas epidemic has been repeated, and there is uncertainty
about the economic impact of the epidemic.
