Market inventories continue to degrade Short-term aluminum prices are supported

In the external market, the trend of London aluminum is strong, LME three-month aluminum Beijing time at 15:00 at 1468.
5 US dollars / ton, up 8.
5 US dollars, or 0.
58%,
from the previous trading day's settlement price.

In terms of the market, today's spot trading price of Yangtze River is 13120-13160 yuan / ton, up 120 yuan; Guangdong South Reserve reported 13130-13190 yuan / ton, up 130 yuan; Hua reported 13240-13260 yuan / ton, up 130 yuan
.
Relatively few shipments from cargo holders, active trading by traders, normal replenishment downstream, and acceptable transactions
.

Industry Highlights: Alcoa is still assessing the future of
its aluminum smelting business amid the coronavirus crisis and excess inventory.
Alcoa President and CEO Roy Harvey said at the Bank of America Metals, Mining and Steel conference that the company is in a state of oversupply and is producing more aluminum than it needs
.

At present, domestic consumption is not at risk, market inventories continue to degrade, and the two sessions are about to be held this week, the market has greater expectations for economic stimulus policies, so short-term aluminum prices are supported, good news or stimulate aluminum prices to briefly rise
.
However, the drag on overseas consumption and the continuous opening of the import window have led to the inflow of overseas aluminum ingots into China
.
This is all bad
for the later aluminum price.
Short-term it is recommended to operate on the dip and more
.