Shanghai Aluminum 0511 contract opened at 16530 yuan, higher 16560 yuan, lower 16470 yuan, to close at 16550 yuan. 3,372 contracts were traded throughout the day, and the volume increased from last Friday.
From the domestic point of view, with the rise in alumina prices and the reduction in alumina imports (according to data from the General Administration of Customs of China, 511,171 tons of alumina imported in August this year fell 4% year-on-year.) The domestic aluminum price has been basically equal to the cost price, and there is no room for profit. This price will have a strong support for aluminum prices. At present, with the gradual start of market consumption, the spot market is likely to turn a corner.
In terms of inventory, LME aluminum stocks decreased by 3625 tons last Friday, and the total inventory is currently 515,125 tons. With regard to the fall of aluminum, the market reflected a cold tone. Due to the impact of the hurricane, out of fear of inflation caused the fund to enter the commodity market. Aluminum has considerable financial attributes, and naturally it is no exception. Therefore, the weakness of the London aluminum market has changed to some extent. The current premium of Lon Aluminum is also shrinking, indicating that there are signs of start-up in the market. It is based on this consideration. Investors in the LME aluminum market can consider leaving the market alone and entering the market more frequently.
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