Outer pan aluminum weak operation downward pressure remains

Domestically, China's September import and export data fell year-on-year, as import growth fell significantly and the recessionary trade surplus widened, reflecting that the global trade environment is still not ideal, and today's targeted RRR reduction in the central bank's portfolio was implemented for the first time
.

From the perspective of the industry, the electrolytic aluminum social inventory announced yesterday has been re-transformed into destocking, and the rhythm of passive destocking on the general trend is still maintained
.
The price of alumina at the raw material end continues to rise, and the current national average price has stood at 2640, and the strong price of raw material has a certain degree of support
for electrolytic aluminum.
Recently, the prices of downstream aluminum profiles, aluminum rods, aluminum plates and aluminum rods have fallen, reflecting that the downstream consumption situation is flat after the National Day holiday, and the processed materials are not as strong as
expected under the background of the "Golden Nine Silver Ten" consumption season.

At present, although the aluminum market is in the peak consumption season in the short term, downstream consumption is not as strong as expected, and the negative transmission of macro has begun to appear, and the downward trend has been more obvious
.
Although the thirteenth round of Sino-US trade consultations has made substantial progress, the global trade situation has not improved, the United States is about to impose tariffs on Europe, the pessimistic atmosphere of the global macro has not been eliminated, the external aluminum price is weak, and the downward pressure is still there
.
Watch for upcoming inflation and monetary credit data
in the near term.