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          April 2 aluminum market: market panic heats up, aluminum prices fall under pressure

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          April 2 aluminum market: market panic heats up, aluminum prices fall under pressure

          April 2 aluminum market: market panic heats up, aluminum prices fall under pressure

          LME inventories rose 15450 tons to 1164200 tons on Wednesday, while LME three-month aluminum closed down 2.00% at $1495 a tonne, while Shanghai aluminum's main contract closed down 1.21% at 11445 yuan.

          The US Markit manufacturing PMI and new orders index reached a new low since August 2009, the epidemic in the United States continued to expand, adding more than 25000 in a single day, overnight market panic heightened, commodities fell across the board, Lun Aluminum rebounded after falling to a new low, Shanghai Aluminum yesterday fell under pressure in the 5-day moving average, the technical form is very poor.

          In terms of news, the export volume of unwrought aluminum and aluminum products, aluminum products and other aluminum-containing terminals accounts for about 24% of the total domestic consumption. at present, the overseas epidemic continues, and the downstream of aluminum price workers generally express concern about export orders from April to May.

          Fundamentals, aluminum ingot inventory continues to grow, growth slows, aluminum bar inventory continues to decline, inventory inflection point still needs to wait. There has been a reduction in production in the electrolytic aluminum industry, but the volume is not enough to reverse the pattern of supply and demand. Alumina continues to fall, due to overseas influence, there is still room for decline, electrolytic aluminum losses narrowed slightly. The domestic automobile industry has introduced a number of consumption stimulus policies, but the overseas automobile industry has a greater impact, which is obviously negative for aluminum demand.

          Overall, the current price of Shanghai Aluminum has cost support, but the demand side is poor, aluminum prices are expected to remain weak in the short term, it is difficult for the industry to rebound before a sharp reduction in production, and it is possible to hit a new low in the future.

          Shanghai aluminum has a pressure of 12000 above and a support of 11000 below.

          Pub Time : 2020-04-02 17:21:36 >> News list
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