echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Macro and fundamental game Shanghai aluminum bottom oscillation operation is the mainstay

    Macro and fundamental game Shanghai aluminum bottom oscillation operation is the mainstay

    • Last Update: 2022-12-26
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On October 19, the main contract of Shanghai aluminum futures opened at 18310 yuan / ton, the highest intraday touch was 18390 yuan / ton, and the lowest test was 18180 yuan / ton; So far, the main force of Shanghai aluminum has fallen by 0.
    14% to 18290 yuan / ton
    .
    In the external market, as of now, LME aluminum opened at $2186, the highest price was $2209.
    5, the lowest price was $2185, and now it is $2198
    .

    Shanghai aluminum

    On the macro front, US inflation remains high at present, reinforcing expectations
    of interest rate hikes.
    In the short term
    , watch for an inflection point in tightening expectations around the US midterm elections on November 8.

    Fundamentals, supply side, European energy crisis continues to ferment, overseas electrolytic aluminum production is still facing impact
    .
    Moreover, the power problem has greatly reduced the pressure on the supply of domestic electrolytic aluminum, and the market's worries about the supply side have not completely dissipated; On the demand side, domestic downstream processing enterprises are slowly recovering, there are signs of marginal improvement in consumption, and high energy prices support the high cost of electrolytic aluminum, which will provide some support
    for aluminum prices.

    Industry news, on October 19, Rio Tinto's latest data released data showed that aluminum production in the third quarter of 2022 was 759,000 tons, an increase of 4% month-on-month and a year-on-year decrease of 2%; As of September 30, 2022, aluminum production was 2.
    226 million tons, a year-on-year decrease of 7%.

    Maintain full-year shipment guidance unchanged at 3-3.
    1 million mt
    .

    As of September 30, the average production cost of electrolytic aluminum enterprises in China was 18898.
    8 yuan / ton, a decrease of 265.
    20 yuan / ton from the previous period, and the average loss of the industry was 558.
    80 yuan / ton; The weighted average production cost was 17668.
    26 yuan / ton, a decrease of 106.
    92 yuan / ton
    from the end of last month.
    The operating capacity of electrolytic aluminum involving profit statistics in this period was 39.
    617 million tons, almost unchanged
    from the previous month.
    According to monitoring data, the industry lost 7.
    195 million tons of production capacity in September, accounting for 18.
    16%.

    In general, in the context of the macro and fundamental game, it is expected that Shanghai aluminum will be mainly
    oscillated at the bottom of 18000-18800 yuan / ton.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.