Lun aluminum fell slightly, and the short-term price decline is difficult to reverse

On the macro front, Germany's June adjusted industrial output fell short of expectations and the previous month, and the manufacturing sector remained weak
.
In July, China's foreign exchange reserves fell back, and the State Administration of Foreign Exchange pointed out that China's cross-border capital flow remained stable, the supply and demand of the domestic foreign exchange market were basically balanced, and the monthly change in the scale of foreign exchange reserves was a normal fluctuation
.

In terms of spot, the spot transaction price of aluminum ingots in Shanghai and Wuxi is concentrated between 13890-13910 yuan / ton, the opposite plate premium is 30-40 yuan / ton, and the market price in Hangzhou is between
13910-13930 yuan / ton.
A large household received nearly 10,000 tons of goods in the East China market, because the price was still at a high level and the premium was high, the cargo holders actively shipped, and the overall market trading was better
.
Downstream manufacturers still maintain the rhythm of on-demand procurement, take a wait-and-see attitude towards high prices, and the receiving status is not even as good as the previous day
.

In terms of inventory, LME aluminum stocks were 1009925 tons, down 7,775 tons from the previous trading day, and the aluminum warehouse receipts of the previous period were 140616 tons, down 798 tons
from the previous trading day.

Industry news, Malaysia's Minister of Water, Land and Natural Resources Dr A.
Xavier Jayakumar recently said that the Standard Operating Procedure for Bauxite Mining and Export in Pahang is about to be released
.
Minister Xavier said that the latest standard operating procedure document takes into account the relevant opinions of all shareholders, sets strict conditions and covers all mining activities
from pre-mining, mining and post-mining stages.

Shanghai aluminum fell slightly during the day yesterday, and remained volatile in overnight trading, with the main contract closing at 13805
.
Aluminum fundamentals have not changed significantly, this week's electrolytic aluminum inventory as a whole showed a volatile trend, the outbound volume decreased month-on-month, and the pattern of weak downstream consumption has not changed
.
Domestic alumina prices continue to decline slowly, overseas alumina prices remain low, alumina short-term is difficult to speculate space, the decline of prices is difficult to reverse, electrolytic aluminum industry profits continue to repair, help accelerate the process
of electrolytic aluminum supply release.
The current macro atmosphere is empty and the fundamentals have no upper momentum, aluminum prices are expected to continue the trend of weak volatility, and it is still recommended to continue the operation
of selling short above 13900.