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On Monday, the main monthly 1803 contract of Shanghai aluminum opened at 14360 yuan, the intraday high of 14475 yuan and the low of 14260 yuan, and closed at 14320 at the end, down 75 yuan / ton
from the previous trading day.
Last year, the national electrolytic aluminum production increased by 1.
6%, the domestic inventory pressure was huge to inhibit the rise in aluminum prices, Shanghai aluminum fell slightly within the day, the current market atmosphere is still empty, aluminum prices rise is limited, it is expected that the market will remain weak and volatile
.
Abroad, the decline in European and American stock markets and lower oil prices weighed on investor sentiment, and intraday aluminum fell under pressure, and the support below focused on $
2100.
At 15:39 Beijing time, the LME 3-month aluminum was $2,204, down $10.
5 from the previous session
.
In terms of the market, the spot trading price of Yangtze River was 14110-14150 yuan / ton, down 90 yuan / ton; Guangdong South Reserve reported 14130-14230 yuan / ton, down 50 yuan / ton; Hua reported 14210-14230 yuan / ton, down 90 yuan / ton; The average domestic spot trading price is between
14110-14150 yuan / ton.
Aluminum fell slightly during the day, the willingness of holders to ship weakened, middlemen received goods cautiously, downstream enterprises gradually finished stocking, and market transactions were light
.
Approaching the Spring Festival holiday, most aluminum factories have suspended procurement, and aluminum ingot inventories in the Guangdong market have begun to increase again, putting pressure
on aluminum prices.
It is expected that the inventory of aluminum ingots in the Guangdong market will continue to accumulate during the Spring Festival, putting pressure on the trend of the aluminum market after the opening year, and the aluminum price may continue to fluctuate weakly after the year
.
Market News:
1.
Rusal announced that aluminum production in the fourth quarter of 2017 totaled 944,000 tons, an increase of 1.
4% quarter-on-quarter, and Siberian smelters accounted for 94%
of total aluminum production.
The total production dynamics remained broadly stable, with a capacity utilization rate of 97%.
2.
Dian-Dian bauxite is located in Bocay Province, Bokai Region, northwest Guinea
.
The mine is divided into 3 plots with a total area of 856 square kilometers and proven reserves of 564 million tons of high-aluminum-content bauxite, with an aluminum content of up to 65%, which is a typical high-alumina bonanza.
At present, the spot market volume is not very positive, raw material prices have fallen steadily, combined with the technical side, you can see that the price has been falling sharply since the record high in October, the last rise came to an end, and then the economy developed steadily in 2018, aluminum prices were overvalued at the same time there was a large decline, currently in the futures market, aluminum main contracts are still in the 14500 mark to seek support, the current market weakness plus the first quarter data is stable, once 145000 here can not be supported, The space below the later stage is still very large
.
