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German retail sales showed steady support for its good job prospects, and London aluminum closed slightly higher by $2 the following week, and the market is expected to rise slightly today in anticipation of further stimulus measures in China
.
Germany and the United States both released stronger-than-expected economic data last week, the market hoped that global demand rebounded, base metals closed higher across the board the next week, Lun aluminum rose slightly at the end of the day, the latest quotation was $1561; Today's Shanghai aluminum opening is mixed, the current month 1603 contract opened at 11105 yuan, down 100 yuan, 9:20 Shanghai aluminum 1603 contract latest price is 11240 yuan, up 35 yuan; Recently, the market's hopes that China will introduce further economic measures have heated up, and the short-term may enhance the sentiment of the commodity market, and it is expected that Shanghai aluminum will be strong and volatile
today.
The latest inventory of London Metal Exchange (LME) on the 26th was 2,768,800 metric tons, down 8,650 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 16,100 metric tons, an increase of 500 metric tons
over the previous trading day's inventory.
Last week, domestic spot aluminum prices performed well, the weekly average price of AOO aluminum ingots was 11042 yuan / ton, both up 70 yuan / ton, compared with the previous week's average price of 10760, up 2.
62%, and the weekly average price of AOO aluminum ingots in East China was 11174 yuan / ton, both up 56 yuan / ton; Goldman Sachs said last week that the aluminum market is experiencing the biggest fundamental shock
of its time.
Last year's vertical price decline led to a decline of about 5.
5 million tonnes in global production, including 4 million tonnes
in China alone.
Affected by the reduction of domestic aluminum production, aluminum prices continued to pick up after the Spring Festival, and the latest market quotation was about 11,100 yuan per ton, refreshing a new high since mid-October last year; Despite the overall industry downturn, the recent trend of aluminum prices reflects the continuous improvement of the demand structure of the industry, and the short-term aluminum market may return to rationality, and spot aluminum is expected to maintain a stable pattern
this week.
Faced with a period of industry weakness, Australian mining company South32 said South Africa's aluminum division would operate at the current rate after the reduction until mid-2016
.
In response to the deteriorating metals market, South32 suspended the operation of 22 melting furnaces/electrolyzers last September, equivalent to a 3% reduction in aluminum capacity
.
These electrolyzers will be offline until June 30, 2016
.
South32 produced 352,000 tonnes of aluminum in the first half of 2016, stable from the previous year, but average selling prices fell 30% to $1,642/mt
.
