Inventory data improved, aluminum prices slightly resisted

Release time：Mar 26, 2019 From：anonymous

Futures market

Today, the main force of Shanghai Aluminum maintained its shock and decline index in the morning. It closed down to 13,620 yuan before the close, and closed at 13,645 yuan, down 100 yuan, or 0.73%. Today, Lun Aluminum opened slightly from the high point of 1900.5 US dollars to a small pressure of 1890.5 US dollars. Since then, the price rebounded and rebounded. The Asian market closed at 1,897 US dollars, down 5.5 US dollars, down 0.29%.

Spot market:

Today, Shanghai Nonferrous Metals Trading Center spot aluminum transaction price reported at 13950-13990 yuan / ton, down 50 yuan / ton from yesterday, the spot premium discount on the 1904 contract rose to b300-b340 yuan / ton, today's spot aluminum prices fell slightly, As the tax reduction policy falls to the beginning of next month, the market has a tight monthly ticket resource, and the premium continues to rise. The purchase of goods will be delayed, and the willingness of the holders to maintain the shipment will be maintained. The middlemen will continue to receive the goods at different prices. It is deadlocked and the overall trading situation is normal.

[SME point of view]

Affected by the short-term long-term US bond yields, the risk aversion of the market warmed up and the risk assets were sharply affected. As a result, aluminum prices fell slightly. Social stocks in mainstream consumer markets fell sharply by 44,000 tons on Monday, and market demand recovery is expected to be good. The downstream consumption improvement has a certain supporting effect on current aluminum prices. The long-term fundamentals of the aluminum market are weak. This year, there are more expansion and resumption projects of overseas aluminum enterprises. There are reductions in alumina exports and further decline in costs in the domestic market. The losses of domestic aluminum smelters have changed significantly from the end of last year. Adding capacity or facing release will cause supply pressure on the market. Short-term market sentiment changes will affect the price of aluminum.