Minutes of SMM Aluminum Morning meeting on December 18
Disk surface: last night, the colored disk surface was red and green, the delivery volume of Shanghai aluminum 1812 contract was nearly 89825 tons, and the main 1902 contract of Shanghai aluminum basically operated above the daily average, showing a slight recovery. The outer plate Lun aluminum fell by 1920 US dollars / ton yesterday afternoon. London Metal Exchange (LME) afternoon release of metal stocks, Lun Aluminum once again led the non-ferrous disk, yesterday increased 19525 tons to 1.1696 million tons, inventory data out of the market atmosphere was affected, the trend is weaker, but the evening performance of a small rebound.
Macro: us stocks fell sharply yesterday, with the Nasdaq, the S & P 500 and the Dow Jones Industrial average all down more than 2 per cent. The dollar index fell back from its high yesterday, hitting a low of 97.032, but still above 97. China's foreign exchange share fell by 57.1 billion yuan in November from a month earlier, falling for the fourth month in a row, with the balance falling to an eight-year low. The central bank put a net investment of 160 billion yuan, ending the 36-day reverse buyback window period.
Fundamentals: aluminum prices since last night began to rebound mainly due to the early accumulation of profit news caused by the release. In addition to the news of production cuts at the aluminum plant (which has been reduced by more than 2.6 million tons), inventories were counted yesterday, down another 18000 tons to 1.277 million tons compared with last Thursday, with a tight supply side and, on the other hand, Downstream aluminum ingot consumption has not shown a collapse in the near future, some large middlemen buy a large number of, attracted the attention of the market, it can be seen that consumption has not fallen off the cliff. Superimposed this week or will hold a central economic work conference, set next year's economic and policy, foreign Federal Reserve interest rate rise or hammer conclusion, Shanghai aluminum short confidence is not enough, some reduction in positions, aluminum prices recorded a small rebound.
On the spot side, the transaction price was between 13530 and 13540 yuan / ton in Shanghai yesterday, between 10 yuan / ton and 13530 yuan / ton in Wuxi, 13540 yuan / ton in Hangzhou, 13540 yuan / ton in Wuxi, 13540 yuan / ton in Hangzhou, 13540 yuan / ton in Wuxi, 13540 yuan / ton in Hangzhou and 13540 yuan / ton in Hangzhou. The mainstream transaction price fell by about 10 yuan per ton compared with yesterday. Yesterday, the actual purchasing volume of large middlemen in East China converged compared with last week, and the holders were active in trading, but the volume was extremely lower than last week, and there was no bright spot in the basic on-demand procurement downstream. Today, the transaction in East China is flat.
Other: 1) Housing and Construction Ministry: from January to November, 6.16 million units have been started, with an investment of more than 1.6 billion yuan. The 2018 "report on the work of the Government" stressed that a new three-year plan for the transformation of sheds will be launched, and 5.8 million units will be started this year. This also means that the total annual target has been exceeded. 2) Chinalco and China Nonferrous Group sign Strategic Cooperation Framework Agreement 3) the average interest rate of the country's first home loan ends 22 consecutive increases
(Shanghai Nonferrous Xu Man 021 51595898)