Aluminum prices rebounded slightly

Aluminum prices rebounded slightly Although last week's aluminum spot prices in Shanghai and Guangdong were very different, the aluminum prices in the two places on the same day fell to the same level. Last week, spot aluminum prices rose slightly in East China, with daily lower transaction prices rising from 15,200 yuan/ton on Monday to 15,280 yuan on Friday; spot aluminum prices in Guangdong showed a slight downward trend, with higher daily transactions. The price fell all the way to 15,520 yuan/ton on Monday, and closed at 15,280 yuan/ton on Friday. Market characteristics: The pattern of tight power supply in southern China has eased recently. The operating rate of aluminum profiles has increased. Some orders have flowed to the region, and aluminum consumption in South China has increased slightly. Last Monday, the aluminum spot market in Guangdong was actively traded and the prices were high. On Tuesday, the price of aluminum was adjusted downwards. Local consumers bought cautiously and waited for a wait-and-see atmosphere, causing aluminum prices to fall. In the previous period, the aluminum price in Shanghai increased by a relatively small margin, which was relatively stable last week. At this stage, before the relevant policies on the adjustment of aluminum export tax rebate rate are introduced, it is expected that domestic aluminum exports will increase rapidly in the next few months. This will effectively ease the pressure on the domestic aluminum market, but due to the domestic aluminum exports accounted for domestic aluminum production. The proportion is relatively small. In July, the net export volume was only 22,800 tons, accounting for 4.1% of domestic aluminum production. Therefore, it will take a long time for the domestic aluminum market to improve its supply and demand relationship. In the short term, the domestic alumina supply situation has been eased. The reduction in alumina prices has led to a reduction in the production costs of aluminum producers and improved operating conditions. The electrolytic aluminum plant construction and expansion projects are likely to be put into operation, and domestic aluminum production may further increase. . The oversupply of aluminum spot is directly reflected in the high inventory level. Although inventory first appeared to decrease during the previous week, aluminum stocks at delivery warehouses were still as high as 158,600 tons. Aluminum inventory remains high and supply pressure remains. However, in the short term, the aluminum market in the international market will be strong and the domestic spot aluminum price is expected to slowly rise. Futures Daily Xiaojie

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