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[SMM News] the strength of Hong Kong aluminum sector Chinalco rose by more than 6%
Jul 22,2021 15:07CST
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Source:SMM
The content below was translated by Tencent automatically for reference.

SMM7 March 22: Hong Kong aluminum stocks strengthened this afternoon, Chinalco rose more than 6%, China Hongqiao rose nearly 4%, Rusal rose 3.21%, and China Zhongwang rose 2.35%.

It is understood that the second batch of aluminum reserves, the producers include Baotou Aluminum and Yunnan Aluminum and other companies under Chinalco. China's National Development and Reform Commission and the National Grain and material Reserve Bureau decided yesterday that the second batch of national reserves of 30,000 tons of copper, 90,000 tons of aluminium and 50,000 tons of zinc will be released next Thursday.

The second batch of spindles was 90,000 tons, still lower than market expectations, and aluminum prices rose instead of falling under the stimulation of market sentiment.

Fundamentally, current aluminum consumption shows signs of weakening, but aluminum ingot inventory is still in the de-stocking cycle. July 22nd, SMM statistics domestic electrolytic aluminum social inventory of 809000 tons, a weekly reduction of 23000 tons. Among them, Shanghai, Wuxi and the South China Sea continued to contribute to the decline.

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