echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > October 27 aluminum market morning review

    October 27 aluminum market morning review

    • 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

    Aluminum market morning comment: The US dollar index fell sharply and worries about the LME ban on Russian metals, and the price of aluminum soared overnight, and the LME three-month aluminum price rose 5.
    19% to $2330 / ton
    .
    The Shanghai aluminum night trading was driven by the external market, but the rally was obviously insufficient
    .
    The 2212 contract closed above 18665 yuan / ton, an increase of less than 100 yuan / ton
    .

    Aluminum City

    The overall transaction of the spot market in the morning is general, the enthusiasm for downstream procurement has declined, on-demand purchasing, and trading between traders has also decreased
    significantly.
    The mainstream trading price in Shanghai is around 18,640 yuan / ton, which is basically the same
    as that of futures.
    The mainstream transaction price in Guangdong is around 18830 yuan / ton
    .

    The LME is about to make a decision on whether to exclude Russian metals, and once excluded, more Russian aluminum will be sent to China, increasing domestic supply and putting pressure
    on domestic prices.
    However, the European and American markets have lost the supply of Russian aluminum and have to purchase more Chinese aluminum products
    .
    Therefore, in the absence of a production cut in Russia, the ban will greatly shift the international aluminum market trade flow and gradually achieve a new balance
    .
    Relevant resolutions of the LME will disturb the short-term supply and demand pattern, causing sharp fluctuations in the external aluminum price, which in turn will affect the domestic aluminum price
    .
    From a fundamental point of view, domestic prices lack a sustained upward drive, and it is not recommended to chase higher
    operationally.
    Keep an eye on overseas trends
    .

    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.