supernovacasinonodepositbonus| Shanghai aluminum futures fell slightly by 0.94% to 20460 yuan: LME aluminum inventories increased to 903850 tons, and domestic electrolytic aluminum inventories were removed to the warehouse by 13,000 tons in mid-week
editor 2024-05-11 14:45:50 Nature 35
Newsletter summary
Shanghai aluminum futures fell 0% on Friday.Supernovacasinonodepositbonus.94%SupernovacasinonodepositbonusLME aluminum stocks rose to their highest level in January 2022. The operating rate of recycled aluminum enterprises in Guangdong fell by 1%, domestic electrolytic aluminum inventory is low, and the demand season continues. Institutions pointed out that the Federal Reserve hawks expressed pressure on the non-ferrous sector, LME aluminum squeeze risk alleviated, short-term aluminum prices have the risk of correction.
Text of news flash
[Shanghai aluminum futures fell slightly in Friday night trading] in Friday night trading, the main contracts in the domestic futures market were mixed. Shanghai aluminum futures continued to fluctuate, with the main contract closing at 20460.00 yuan, down 0.94%. Aluminium stocks in LME-registered warehouses rose 88 per cent on Thursday to 903850 tonnes, the highest level since January 2022, according to daily data released by the London metal exchange on Friday. According to a survey of 13 large recycled aluminum enterprises in Guangdong by Fubao Nonferrous Network, as of May 10, the overall operating rate of the Guangdong market remained at 61.7%, down 1% from before the festival. At the beginning of May, the inventory of aluminum ingots is relatively optimistic than expected. The total inventory of electrolytic aluminum in China is 778000 tons, and 13000 tons are removed from the warehouse in the middle of the week, which is still at the low level of the same period in nearly seven years, and the demand continues at the end of the peak season. ITC Futures said that recently, some Fed officials have expressed their position on the hawkish side, and the dollar index has rebounded, putting pressure on the non-ferrous sector; on the industrial side, the proportion of LME aluminum cancellation warehouse receipts has declined, from 73% to 54%. The risk of short-term positions has been alleviated. Domestic electrolytic aluminum inventory to maintain the stock, there is a certain support for aluminum prices; on the whole, the early macro market sentiment dominated the market, aluminum prices maintained strong operation, while the risk of LME crowding alleviated, short-term aluminum prices still have the risk of correction. Donghai Futures pointed out that the fundamental import window is closed, the domestic electrolytic aluminum supply maintains a growth trend, downstream construction remains stable as a whole, and aluminum ingot inventory is still being removed. On May 6th, SMM calculated that the total stock of electrolytic aluminum ingots was 794000 tons, which was only 3000 tons less than that before the festival (last Monday), still the lowest in the same period of nearly seven years, and down 41000 tons from the same period last year. At present, when there is a lot of information about friction and disturbance in the global aluminum trade, the domestic market is short-term or high-level shock stimulated by external news.