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Aluminum prices fluctuated
strongly yesterday.
As of the close of 3 p.
m.
, the main 2210 contract of Shanghai aluminum closed up at 18605, up 300, or 1.
64%.
In the short term, the price of Lun aluminum caused by the public opinion of interest rate hikes in the early stage has come to an end in the near future, reducing production or stimulating the price of Lun aluminum to return to $2,300, but with reference to the domestic market, the trend of strong and weak outside in the past few days has caused the center of gravity of Shanghai aluminum prices to move up, and in the short term, even under the drive of the recovery of the external market, it is expected that the upside is limited, and the reference pressure level is 18,800.
Overseas, Germany's Speira said it would cut aluminum production at its Rheinwerk plant by 50 percent from October due to high electricity prices, and expects to reduce it to 70,000 tons of primary aluminum per
year in the future.
Domestically, due to the recent water level in Yunnan in August is not as good as last year, local electrolytic aluminum enterprises may have the possibility of pressure load reduction, as of the end of August 2022, Yunnan Province electrolytic aluminum built production capacity of 5.
26 million tons, operating capacity of 5.
25 million tons, need to pay attention to the follow-up production situation in Yunnan and other regions
.
On the demand side, with the easing of power cuts, domestic aluminum downstream consumption has improved
.
In terms of inventory, the domestic aluminum ingot social inventory is relatively stable
.
On the whole, although the impact of power cuts in Sichuan-Chongqing and other areas in the early stage has weakened, it is difficult to recover local supply in the short term, and there is uncertainty about Yunnan's supply or affected by electricity, while downstream construction and new orders in the industry may improve with the arrival of the consumption season.
