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Aluminum prices fluctuated downward yesterday, and no further easing policy was released at the recent Fed meeting, but some officials said that the Fed may reach the threshold of tapering bond purchases this year, accelerating the taper process, and the dollar index continues to run
strongly.
Although aluminum prices are supported by fundamentals and relatively resist declines, market sentiment has turned sad across the board, and the colored sector is under
pressure as a whole.
In terms of spot, LME aluminum spot premium was $13.
76/ton, up $14.
74/ton
in the previous session.
Shanghai aluminum continued to pull back before noon yesterday, below the daily K line can touch the 20-day moving average, East China spot from the small discount to flat water upward in the month, the highest premium is about 30 yuan / ton, the actual transaction price is concentrated in 20030-20100 yuan / ton
.
Yesterday's inventory continued to fall, the arrival in Wuxi was still limited, the local liquidity tension was not alleviated, and the willingness of middlemen and downstream to receive goods rose with the pullback of aluminum in the future, helping the spot basis in East China to rise to flat water to small liter water
.
In terms of stocks, LME stocks stood at 1,315,100 mt as of Aug.
19, down 0.
54 million mt
from the previous session.
As of August 13, the social stock of aluminum ingots rose 06,000 tons from last week to 738,000 tons
.
Fundamentally, the supply-side power and production restrictions are still continuing
.
Downstream consumption has improved, but overall it is still in the seasonal off-season
.
The latest inventory data shows that aluminum ingots have been slightly destocked, but the dematerialization speed is slow, and there is a backlog of aluminum ingots on the northwest platform, which may affect the inventory in the future
.
In terms of price, since the supply and demand ends of aluminum will still benefit from the impact of the concept of "carbon neutrality" for a long time in the future, and the macro liquidity inflection point has not yet officially arrived, it is necessary to continue to pay attention to the impact of the Fed's attitude, unilaterally neutral, and it is recommended to treat
it with a long idea in the cross-variety arbitrage strategy.
