The atmosphere of the aluminum spot market has not changed much
Release Time:
Jun 21,2019
Aluminum: Shanghai spot domestic aluminum is currently reported at 12870-12930 yuan/ton, down 70 yuan/ton, with a discount of 235-175 yuan/ton. The price quoted in Wuxi is 12910 yuan/ton. Due to concerns about the Chinese economy, the base metal market mostly fluctuated and ended lower over the weekend.
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Aluminum: Shanghai spot domestic aluminum is currently reported at 12870-12930 yuan/ton, down 70 yuan/ton, with a discount of 235-175 yuan/ton. The price quoted in Wuxi is 12910 yuan/ton. Due to concerns about the Chinese economy, the base metal market mostly fluctuated and ended lower over the weekend. Yellen said last Thursday that the unusually cold winter seems to have led to signs of recent weakness in the US economy. This suggests that the central bank will continue to reduce stimulus measures. On the other hand, some analysts point out that the market is relatively reassured about the US economy, but the big problem is China. It is becoming increasingly evident that a significant portion of the decrease in LME inventory has been shipped to China, not necessarily consumed. Three month aluminum (13295, 75.00, 0.57%) closed 0.79% lower at $1754 per ton. In the morning market, Shanghai Aluminum fluctuated at a low level, and short-term market supply pressure still makes some merchants cautious. Downstream pickup volume has not significantly increased, and price trends are difficult to obtain more support. In addition, the current atmosphere of the spot market has not significantly improved, and the overall trading volume still needs to be further improved.
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