September 9 Shanghai aluminum brief comment

In early September, peak season consumption has not yet shown signs of starting, and the first week is still in a state of slight accumulation, while the operating rate of processing enterprises is still stable compared with August
.
In terms of exports, Europe and other countries have recently implemented anti-dumping on China's aluminum exports, aggravating concerns about exports under high ratios, and it is expected that exports will still be difficult to improve
significantly.

On the supply side, stimulated by the continued high smelting profit, Yingkou Xintai recently began to power up and resume part of its production capacity, while the second phase of the Inner Mongolia Chuangyuan project also began to put into operation, and the supply growth has accelerated
.
Due to the previous strong performance of off-season consumption, the market is relatively optimistic about the peak season expectations, and did not see obvious destocking at the beginning of the month, and the unfulfilled expectations put pressure on the price, but it shows that the peak season is not prosperous, and in the case of not much accumulation in the off-season, the favorable support of market bulls is still there, so the aluminum price has experienced a certain pullback after strong support, maintain the judgment of the shock operation of aluminum prices, and pay attention to the start of peak season consumption
.