On the 28th, the aluminum price hit the bottom and rebounded
| Sodium selenite |
According to the data of business agency, on July 28, the average market price of domestic aluminum ingots in East China was 18373.33 yuan / ton, Zha% per day, 3.64% lower than the average market price of 19066.67 yuan / ton at the beginning of the month (7.1), and 5.19% lower than the average market price of 19090 yuan / ton in the same period last year.
Fundamentals overview
On the macro level, the Fed’s expected interest rate hike fell, expectations were released, pessimism improved, and market risk appetite returned. However, the sustainability needs to be tested. After all, the expectation of interest rate hike in September still exists.
| Gamma-PGA (gamma polyglutamic acid) |
On the supply and demand side, the output continues to rise, and there is a certain pressure on the supply side. The positive news about real estate on Thursday stimulated the sharp rise in prices. On the demand side, the measures to stabilize real estate are conducive to the improvement of aluminum consumption in the real estate sector, but whether the relevant benefits can be realized and the degree of realization remains to be seen. In the absence of substantial improvement in real estate consumption, the recent cyclical destocking began to slow down. On the 28th, the domestic social inventory was 672000 tons, and the inventory accumulated slightly during the week. The overall inventory is still at a relatively low level. The London Metal Exchange (LME) aluminum inventory decreased by 4375 tons, but the pattern of strong supply and weak demand is still in place. It is comprehensively expected that the rebound of aluminum prices is limited.
At the raw material end, China’s alumina port inventory totaled 273000 tons on the 28th, an increase of 5000 tons over last week. Among them, there are 6000 tons in Lianyungang, 80000 tons in Qingdao, 87000 tons in Bayuquan, 52000 tons in Panjin, 38000 tons in Jinzhou, 10000 tons in Qinzhou, Fangcheng, Rizhao, Longkou and Caofeidian.
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