Yesterday, LME aluminum opened at 1875 and closed at 1857.5. Inventory fell by 3625 hands, and hand positions increased by 8,515 lots. The market's decline in aluminum this time reflects a colder trend. At present, London Aluminum's premium is also shrinking, and there are signs of start-up in the market. In view of people's concerns about inflation, the price of base metal aluminum should be a more favorable support.
Today, Shanghai Aluminum is still lower and higher, but trading volume and rising rate are still slow. Shanghai aluminum main contract 0511 to 16530 yuan opening, higher price 16560 yuan, trading volume of 3370 hands, up 70 yuan. Due to the high cost of domestic aluminum and a large amount of surplus production capacity, there is resistance to substantial changes in Shanghai aluminum prices. At present, domestic consumer demand is gradually solving inventory problems. Once the domestic surplus production capacity has been digested, the time for Shanghai Aluminum to see more is up. According to sources, China will announce next month that it will ban the construction of aluminum plants with an annual output of less than 100,000 tons. This shows that the state's attitude towards small and medium-sized aluminum mills and the residual capacity caused by domestic speculative investment are expected to be resolved.
Operational advice: Keep a close eye on the market and wait for the opportunity
Nandu Futures Lu Xiaohua
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