SMM aluminum morning meeting minutes July 14

Intraday: July 13 night Shanghai aluminum main 2308 contract opened at 18340 yuan / ton, the lowest point 18320 yuan / ton, the highest point 18400 yuan / ton, closed at 18355 yuan / ton. Up 50 yuan / ton, or 0.27%. LME aluminum on the last trading day opened at $ 2234 / ton, the lowest point of $ 2225 / ton, the highest point of $ 2290 / ton, closed at $ 2283 / ton, up $ 45 / ton, up 2.01%.

Summary: macro aspects of the U.S. CPI data fell back beyond expectations, the market on the Fed rate hike is expected to weaken, the U.S. dollar index weakened, non-ferrous metals rose. Domestic policy landing is expected to enhance the macro boost more news. Fundamentally, the domestic electrolytic aluminum increase and decrease coexist, but compared to the large-scale resumption of production in Yunnan, Sichuan, a small number of production cuts, does not affect the short-term supply, but the southwest of the high temperature weather frequently, triggering the market to the southwest of the power supply concerns, in addition to the electrolytic aluminum cost aspects of the rebound in alumina rebound led by a rebound. Demand, the domestic aluminum downstream start to maintain a weak, downstream industry new orders less, aluminum ingot social inventory to maintain the state of accumulation, the spot turned into a state of discount. Affected by the macro sentiment, SMM expects Shanghai aluminum short-term strong oscillation.