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Overnight, the LME March electronic market closed at $2,068 / ton, down 1.
78%, giving up all Friday's gains; The Shanghai aluminum 1811 contract closed at 14580 yuan / ton at night, up 1.
43%.
In terms of spot, Shanghai transaction concentration is 14280~14300 yuan / ton, discount for the month is 30~20 yuan / ton, Wuxi transaction concentration is 14280~14300 yuan / ton, Hangzhou transaction concentration is 14290~14300 yuan / ton
.
During the National Day period, there were fewer arrivals, the holders shipped at a high price, the spot discount narrowed slightly, the willingness of middlemen to stock goods was general, although downstream enterprises had demand for reserve goods, but the stocking strength was not strong year-on-year, and the overall transaction was slightly
deadlocked.
Aluminum rose in the late afternoon, and the tail day quickly pulled up, the transaction price in East China was 14300~14340 yuan / ton, and the market was mainly
wait-and-see when the tail day rose sharply.
In terms of inventory, LME aluminum stocks were 963,350 tons, down 3,550 tons from the previous trading day, and the aluminum warehouse receipt in the previous period was 652,870 tons, down 4,061 tons
from the previous trading day.
In terms of alumina, Guiyang's primary alumina quotation was 3175 yuan / ton, unchanged from the previous trading day; Shanxi first-class alumina quotation was 3340 yuan / ton, unchanged from the previous trading day; Henan first-class alumina quotation was 3350 yuan / ton, unchanged from the previous trading day
.
In terms of news, on the 7th, the central bank lowered the deposit reserve ratio of major financial institutions by 1 percentage point to release 750 billion funds, and the executive meeting of the State Council determined measures to improve the export tax rebate policy and accelerate the progress of tax rebates, so as to reduce the burden on enterprises and maintain the steady growth
of foreign trade.
In addition, strong expectations of tax cuts have contributed to a sharp increase
in the price of industrial goods.
After the holiday, electrolytic aluminum stocks increased by 17,000 tons, lower than the same period of the previous year, mainly due to some high-cost production capacity reductions, but aluminum rod stocks increased by 29,000 tons
.
During the National Day period, the number and price of real estate transactions in various places are not satisfactory, terminal demand is weakening, and the improvement of aluminum consumption driven by increasing export tax rebates remains to be seen, and the short-term rebound of aluminum should not be overly optimistic
.