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The sharp drop in the dollar index on Friday boosted the base metals denominated in US dollars, and London aluminum opened higher on Friday night, closing up $23, or 1.
36%, at $1716, hitting its highest level since July last year; The trading volume of 20663 lots increased by 2862 lots, and the position volume of 720715 lots increased by 6338 lots; Today's Shanghai aluminum current month 1611 contract opening price of 14290 yuan up 95 yuan, 9:20 Shanghai aluminum 1609 contract latest price at 14530 yuan, up 335 yuan; The bright performance of the US GDP data in the third quarter has boosted investor confidence, and Shanghai aluminum is expected to continue to be strong in the short term
.
In terms of the market, the domestic spot aluminum price rose sharply last week, CCMN Yangtze River Nonferrous Network AOO aluminum ingot weekly average price was 14212 yuan / ton, up 318 yuan / ton, the previous weekly average price was 13230 yuan / ton, an increase of 7.
42%; The average price of AOO aluminum ingots in East China of Chalco was reported at 14,166 yuan / ton, up 250 yuan / ton per week, compared with 13,360 yuan / ton in the previous week, up 6.
03%
from the previous week.
From January to September 2016, China's primary aluminum (electrolytic aluminum) output was 23.
215 million tons, down 0.
8%
year-on-year.
Last week, the Shanghai Stock Exchange aluminum inventory reported 85,700 tons, the current inventory is still near the five-year low, Shanghai aluminum still has high momentum, it is expected that spot aluminum will continue to rise
today.
In terms of news, in October, the cumulative production capacity of electrolytic aluminum new investment and restart reached about 700,000 tons/year, and the operating capacity of electrolytic aluminum may exceed 34.
6 million tons/year; In the case that domestic demand has gradually entered the off-season and aluminum exports have not yet achieved positive growth, the pressure of oversupply and demand in the domestic market may further increase
.
In terms of industry, Jinlian Aluminum Co.
, Ltd.
aluminum plate and foil project (phase II) has been steadily advanced, at present, the civil work of the aluminum plant of the project has been completed, electrolyzers are being installed, and 250,000 tons of electrolytic aluminum have been put into production; The central environmental protection group moved to Shandong again, and the 5.
07 million tons of electrolytic aluminum production capacity in Zouping County was punished, and the punishment categories were "fine" and "project immediately stopped production"
.
The frantic rally of Shanghai aluminum continued
this week.
At present, the supply and demand fundamentals of the aluminum market are still favorable (low inventory superimposed on rising costs), transportation problems have not been solved and the spot market has remained high, and the industry expects short-term aluminum prices to continue to stabilize
at a high level.
As for how high the price of aluminum can go, it largely depends on the specific operation
of market participants.
