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In the context of the recent macro recovery, the superimposed industrial side shows a continuous destocking state, and the aluminum market shows a strong operation
.
However, with the continuous rise of aluminum prices, it is necessary to be vigilant against the recovery of supply side due to the high profits of smelters, which may limit the space
for further rebound of aluminum prices.
Crude oil and U.
S.
stocks plunged last week, market risk aversion heated up, and macro sentiment is difficult to say optimistic
.
On the supply side: aluminum enterprises have steadily released their investment and recovery capacity, Yunnan Hongtai began to power up last week, and the investment and restoration capacity continued to be released, the operating rate of electrolytic aluminum continued to rise, and there was a loose trend
on the supply side.
Cost side: The cost of alumina rose, and the profit margin narrowed to 12603 yuan
.
In terms of premium discount: the domestic spot premium was adjusted to 30 yuan / ton, and the discount range of Lun aluminum was slightly narrowed to 37.
4 US dollars, continuing to maintain a high level
.
In terms of stocks: LME stocks continued to fall by 3,425 tons to 1.
52 million tons, the previous inventory rose 1,913 tons to 231,300 tons, and the social bank rose 04,000 tons to 759,000 tons according to the data on September 10, and the social electrolytic aluminum inventory continued to rise
.
Overall, in terms of raw materials, alumina prices bottomed out, the current profits of the electrolytic aluminum industry are shrinking but still at a high level, the demand side has entered the September consumption season, and the supply and demand structure is expected
to improve marginally.
The overseas economy is in the recovery stage, the economic data has improved, and we are paying close attention to the emergence
of the inflection point of the epidemic.
