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The price trend of Shanghai aluminum this week generally maintained a downward trend; The average weekly settlement price of the 1807 contract of Shanghai Aluminum in the current month was 13937 yuan, down 1% from last week's settlement price; The weekly line fell 1.
1%, and the main operating range price this week was 13900-14100 yuan / ton
.
China's Caixin services PMI recorded 53.
9 in June, up 1 percentage point from May and hitting a four-month high, while bright economic data boosted sentiment in the aluminum market and spot aluminum prices rebounded
.
Abroad, the number of ADP employment in the United States in June was less than expected, the number of initial jobless claims in the United States last week unexpectedly rose to 231,000, higher than market expectations, the weak performance of the US economic data increased market concerns, and the price of London aluminum came under pressure
.
This week, the price trend of London aluminum maintained a volatile downward trend
.
The market is mainly focused on the $2,000 support level
.
In addition, falling crude oil prices dragged down sentiment in commodity markets; The increase in aluminum inventories this week also put pressure on aluminum prices; The Sino-US trade war continues to heat up, the market atmosphere is empty, and the aluminum price lacks support and insufficient
upward momentum.
In terms of the market, the spot aluminum price trend this week maintained range-bound, CCMN data showed that the weekly average quotation of Yangtze River spot AOO aluminum ingots was 13898 yuan per ton, down 10 yuan / ton per week, and the average price of Yangtze spot aluminum per ton in the previous week was 14024 yuan, down 126 yuan / ton, down about 0.
9%
month-on-month.
Affected by the market environment, the cost of bauxite in Shanxi continued to rise, while the market price of alumina continued to decline, the company decided to implement flexible production of part of the alumina production line of Chalco Shanxi New Materials Co.
, Ltd.
, involving flexible production of alumina capacity of about 770,000 tons
.
Downstream affected by environmental protection and off-season demand is weak, the market destocking speed is slow, and aluminum prices are under pressure and falling
.
Aluminum market dynamics:
1.
UAE Dynamic Mining Company's bauxite mine in Bokai, Guinea, plans to put into operation in early 2020, with a planned investment of US$65 million in the first phase, and an additional investment of US$120 million
in four years.
2.
In line with the principle of maximizing efficiency, Aluminum Corporation of China decided to implement flexible production for part of the alumina production line of Chalco Shanxi New Materials Co.
, Ltd.
, involving a flexible production capacity of about 770,000
tons of alumina.
The outlook for the future market, domestic and foreign economic data are not good, market worries are aggravated, Sino-US trade heat remains high, aluminum prices lack support upward weakness, this week aluminum price trend is under pressure
.
The environmental impact is serious, aluminum enterprises have suffered large-scale shutdown and rectification, and market transactions have decreased; Market pessimism has stimulated increased pressure on risk assets, and spot aluminum prices are expected to stabilize
next week.
