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The impact of aluminum ingot imports on aluminum prices does not change the upward trend.
Jul 7,2020 09:48CST
translation
Source:Jinyuan futures
The content below was translated by Tencent automatically for reference.

SMM News: aluminum prices rose sharply on Monday. Lun aluminum closed at $1635 a tonne, up 1.30 per cent. The main contract of Shanghai Aluminum is 14125 yuan / ton. The position in 08 contract day decreased by 1451 to 166738, while the Shanghai Aluminum Index reduced its position by 5551 to 434320, an increase of 70 yuan / ton, or 0.5%, mainly by short positions.

Spot according to the SMM, aluminum high range before noon shock, the spot price in Shanghai is between 14410 and 14420 yuan / ton, and the price in Wuxi is between 14430 and 14450 yuan / ton, which is slightly higher than that on Friday, and the rising water has fallen sharply to between 30mur50 yuan / ton. Yesterday, the supply tension in Wuxi market increased, and the price quoted by the holder was very strong, but relatively speaking, the supply in Shanghai was more relaxed, and the price was 20 yuan / ton lower than that in Wuxi. A large family announced its purchase plan yesterday, but the actual receipt of goods in Shanghai is on the high side. Although the middleman is willing to accept the goods, it is more difficult to reach an agreement with the holder on the price, and the two sides have reached a stalemate. In addition, imports of aluminum increased significantly yesterday, suppressing the decline of rising water. From the downstream point of view, yesterday's normal delivery of goods, procurement enthusiasm is not high. The overall transaction in East China was poor yesterday.

In terms of news, while domestic aluminum prices have soared, domestic and foreign aluminum prices have also been upside down, the import window of aluminum products has been opened, the import volume of unwrought aluminum has increased significantly, while the export volume of aluminum and aluminum products has decreased. Customs statistics show that from January to May this year, China's net exports of aluminum and aluminum products decreased by 790000 tons compared with the same period last year, of which unwrought aluminum flowed into 274000 tons.

Overall, demand is both internal and external weak, coupled with the impact of imported aluminum alloy ingots, the traditional off-season recycled aluminum industry is facing a cold winter, even if the overall economic data or support aluminum prices in the short term, it may be difficult for aluminum prices to continue to break up.

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