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[brief Review of Aluminum in SMM] crude Oil surge boosts Nonferrous Base Price Shanghai Aluminum rebound to repair yesterday's decline
Apr 3,2020 18:07CST
translation
Source:SMM
Crude oil soars to boost non-ferrous base price Shanghai aluminum rebound to repair yesterday's decline
The content below was translated by Tencent automatically for reference.

SMM, 3 April:

At the beginning of Zhou Dynasty, the main force of Shanghai aluminum was opened at 11700 yuan / ton. Aluminum in Shanghai tumbled on Monday, hitting a low of 11275 yuan a tonne, down 5.4 per cent in a single day. As the panic of overseas capital liquidity weakened in the middle of the week and the bulls increased their positions, Shanghai Aluminum tried to repair the decline during the week, with its center of gravity rising over the 5-day moving average and touching 11780 yuan / ton on Friday, closing at 11740 yuan / ton. Positions fell 15929 to 126260, while the Shanghai Aluminum Index increased 18339 positions to 452759. At the beginning of the week, due to aluminum prices hitting the lowest level since April 2016, the willingness to replenish downstream increased, especially the reduction of the price difference of the original waste aluminum, which led to a sharp increase in the purchasing enthusiasm of the whole recycled aluminum industry. The inventory of aluminum ingots in the weekly society increased by only 20,000 tons, which was narrowed from last week. However, this week's narrowing of inventory growth does not fully represent a significant rebound in consumption, and the original waste aluminum price gap can only exist in the short term, consumers still need to pay attention to all kinds of consumption stimulus policies and the subsequent reduction of production and expansion of electrolytic aluminum enterprises. It is expected that the main force of Shanghai aluminum will run at 11400 yuan / ton next week, and the center of gravity will rise slightly.

(Shanghai Nonferrous Network Yi Liang)

 

 

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