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On Thursday, the main monthly 1807 contract of Shanghai aluminum opened at 14,890 yuan, with an intraday high of 15,020 yuan and a low of 14,795 yuan, and closed at 15,020 at the end of the day, up 285 yuan / ton
from the previous trading day.
Rusal or get rid of the shadow of US sanctions, the sharp increase in aluminum export value in May shows that market demand has improved, Shanghai aluminum rose sharply within the day, the current market bulls dominate, but it is recommended that investors should not blindly chase higher
.
In terms of the market, the spot trading price of Yangtze River was 14790-14830 yuan / ton, up 180 yuan / ton; Guangdong South Reserve reported 14830-14930 yuan / ton, up 140 yuan / ton; Hua reported 14890-14910 yuan / ton, up 160 yuan / ton; The average domestic spot trading price is between
14790-14830 yuan / ton.
Intraday aluminum continued to rise sharply, and the willingness of holders to ship at high prices increased, but middlemen and downstream enterprises were afraid of heights and wait-and-see sentiment breeded, and market transactions were average
.
Industry News:
1.
While U.
S.
spot aluminum premiums are at a three-year high, Asian aluminum premiums have almost halved in recent weeks as large amounts of Chinese aluminum flow into the market and bets that Rusal will avoid sanctions
.
2.
The Department of Land and Resources of Shanxi Province formulated and announced for the first time the benchmark price of the market for the income from the transfer of mining rights, including 52 mineral types such as coal, iron and bauxite, which will be implemented from July 1, 2017 and valid for three years
.
3.
RUSAL resumed exports to some customers in May, after the United States extended the deadline for consumers to cancel business with RUSAL from June 5 to October 23
.
Some Japanese buyers have resumed trade with RUSAL, but its business with other buyers remains disrupted because some of Japan's largest banks fear secondary sanctions
in the event of financial dealings with RUSAL.
At the same time, the jump in LME aluminum prices has spurred inventory-rich Chinese sales
overseas, a number of Asian traders said.
Shanghai aluminum continued the previous day's rally during the day, the momentum is good, the spot price continues to soar, the holder is active in high shipments, the spot quotation discount does not fluctuate much, the middleman receives the goods to the downstream, the downstream enterprises purchase in an appropriate amount, and the overall transaction of the market is acceptable
.
