Nandu Futures: Aluminium lowered, still promising
2022-08-31 09:08:04
Yesterday, due to the impact of the drop in crude oil prices, Lon Aluminum fell after consecutive days of gains. Opened at $1,877, the higher price was $1,882, the closing price was $1861 and the inventory was 508,475 lots, a decrease of 3,500 lots.
Recently, the rebound in international aluminum prices has not only been caused by the rise in the price of surrounding commodities, which has caused the fund to make a market. Since then, the international aluminum market itself has undergone some positive changes: output has decreased and demand has been growing. According to the statistics of the International Aluminum Association (IAI), the daily output of the world (excluding China) slightly declined to 64,700 tons in August, which was lower than the 64,800 tons in July. On the demand side, a series of economic data released recently by the United States showed strong performance. In particular, the North American new orders index (excluding seasonally volatile cans) has been falling sharply in the previous period. In August, it only fell 0.6% year-on-year. In July, the index fell 9.3% year-on-year. The fundamentals will continue to provide ample support for the further rise in international aluminum prices.
In China, from the first eight months of this year, China's apparent consumption of aluminum (apparent consumption = output + net imports +/- inventory changes), the monthly consumption and output have shown rapid growth since 2005, according to Macquarie's study. According to the data, China's apparent consumption in January-August 2005 was 13% higher than last year. At the same time, as a downstream production industry for aluminum ingots, China’s aluminum output also maintained rapid growth. In August, China's aluminum production reached 554,000 tons, an increase of 29.83% over the same period of last year; from January to August, the cumulative output reached 3.72 million tons.
Overall, the fundamental situation of domestic aluminum prices has begun to gradually improve, domestic consumption has started signs. With this good expectation, the popularity of the Shanghai aluminum market is gradually recovering. Starting from last Monday, Shanghai Aluminum’s contracts have increased their positions and increased their total positions in addition to the spot monthly contract. Of course, Shanghai Aluminum will not be able to strengthen in the short term. Today, Shanghai Aluminum's main contract, 0511, declined slightly after two consecutive days of closing yang, closing at 16,570 yuan. Due to the support of rigid costs and the increase in demand during the peak season, it may not be significant.
Operational advice: London aluminum can be low intervention, Shanghai aluminum long and short holdings, waiting for the opportunity
Recently, the rebound in international aluminum prices has not only been caused by the rise in the price of surrounding commodities, which has caused the fund to make a market. Since then, the international aluminum market itself has undergone some positive changes: output has decreased and demand has been growing. According to the statistics of the International Aluminum Association (IAI), the daily output of the world (excluding China) slightly declined to 64,700 tons in August, which was lower than the 64,800 tons in July. On the demand side, a series of economic data released recently by the United States showed strong performance. In particular, the North American new orders index (excluding seasonally volatile cans) has been falling sharply in the previous period. In August, it only fell 0.6% year-on-year. In July, the index fell 9.3% year-on-year. The fundamentals will continue to provide ample support for the further rise in international aluminum prices.
In China, from the first eight months of this year, China's apparent consumption of aluminum (apparent consumption = output + net imports +/- inventory changes), the monthly consumption and output have shown rapid growth since 2005, according to Macquarie's study. According to the data, China's apparent consumption in January-August 2005 was 13% higher than last year. At the same time, as a downstream production industry for aluminum ingots, China’s aluminum output also maintained rapid growth. In August, China's aluminum production reached 554,000 tons, an increase of 29.83% over the same period of last year; from January to August, the cumulative output reached 3.72 million tons.
Overall, the fundamental situation of domestic aluminum prices has begun to gradually improve, domestic consumption has started signs. With this good expectation, the popularity of the Shanghai aluminum market is gradually recovering. Starting from last Monday, Shanghai Aluminum’s contracts have increased their positions and increased their total positions in addition to the spot monthly contract. Of course, Shanghai Aluminum will not be able to strengthen in the short term. Today, Shanghai Aluminum's main contract, 0511, declined slightly after two consecutive days of closing yang, closing at 16,570 yuan. Due to the support of rigid costs and the increase in demand during the peak season, it may not be significant.
Operational advice: London aluminum can be low intervention, Shanghai aluminum long and short holdings, waiting for the opportunity
Drinking Water Faucets, Drinking Water Tap, Kitchen Drinking Water Faucet, Stainless Steel Drinking Water Faucet
ZHEJIANG KINGSIR VALVE CO., LTD. , https://www.kingsir-valve.com