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Yesterday, Shanghai aluminum recovered some of its losses after opening sharply lower at night, and continued its volatile trend during the day, with relatively limited volatility, closing down 1.
38%.
The macro atmosphere is empty, the domestic aluminum market supply and demand is weak, and the trend of aluminum prices is still under pressure
.
The recent development of the epidemic has caused certain disruption to transportation and procurement, and the mismatch between domestic aluminum supply and demand continues, but considering that the inventory at home and abroad is at a low level, coupled with the downstream accumulated orders and the delay of the consumption season, there is still some support
below the aluminum price.
In terms of spot, as of April 8, Yangtze River spot A00 aluminum was reported at 21770-21810 yuan / ton, and the average price was 21790 yuan / ton, down 230 yuan from the previous trading day, with a discount of 40-80
.
The spot market trading cooled down, the holders were actively cashed out, and the actual transaction was traded at a discount to the online price
.
In terms of inventories, data showed that the London Metal Exchange reported 619775 tons of stocks as of April 8, down 4,025 tons from the previous day, and the total inventory of the previous week was 307412 tons, an increase of 1,615 tons
from the previous week.
Due to the impact of the epidemic in China, a large number of aluminum ingots in transit have not been stored in time, and social library data shows that inventory has accumulated slightly
.
At present, downstream aluminum processing enterprises in many places have been forced to stop production due to the impact of the epidemic, domestic aluminum consumption is less than expected, and aluminum prices are under pressure to decline
.
The operating capacity of electrolytic aluminum has increased slightly, and it is expected that the domestic electrolytic aluminum operating capacity will reach more than 40 million tons in April, and subsequent output will be released
one after another.
