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The correction of aluminum prices hit the biggest drop since April on the 4th.
Jul 17,2020 09:01CST
translation
Source:Jinyuan futures
The content below was translated by Tencent automatically for reference.

SMM News: aluminum prices continued to fall on Thursday. Lun aluminum closed down 0.89 per cent at $1668.5 a tonne. The main contract of Shanghai Aluminum closed at 13970 yuan / ton. The position of the Shanghai Aluminum Index decreased by 7090 hands to 399562 hands, and the daily K closed at a long negative line, down 3.45%, the biggest decline since April.

Spot aspect according to SMM, Wuxi and Shanghai area transaction price is 14510mur14530 yuan / ton, 300 yuan / ton lower than yesterday's price, rising water to the plate is 280mur300 yuan / ton, Hangzhou area transaction price is 14530tel 14,550 yuan / ton, aluminum falls later at 11:00, the market price is concentrated in 14460RMB14490 / ton. In the morning, the inquiry among traders was active, and the trading heat increased after 10: 00, but the aluminum fell too much in the later period. Although the price of the holder was lowered, the market wait-and-see mood gradually increased, and there was not much transaction in the later period. It is normal for a large family to receive goods today, but on the whole, it is OK to buy and sell among traders. Downstream yesterday, mainly on-demand procurement, due to the excessive decline in aluminum prices, slightly hesitant to buy goods. The overall transaction in East China was mediocre yesterday.

News, electrolytic aluminum social inventory of 708000 tons, is still in a low position, combined with the recent electrolytic aluminum actual transaction situation is tight, it is expected that aluminum prices downside space is limited.

In the short term, we believe that excessive short-term growth is difficult to sustain, on the contrary, it is easy to trigger a correction. Aluminum prices have fallen in the past few days, we think this is not a bad thing, a timely fall can release the risk of prices rising too fast. Demand this year is much lower than last year, and aluminum prices may face the risk of a continued correction in the short term.

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