Shanghai Aluminum did not extend yesterday's sharp rise momentum. Affected by the overnight downgrade of the LME base metals, aluminum futures oscillated in a narrow range. The main 612 contract fell by 190 yuan/tonne from yesterday's closing price to 20,800 yuan/tonne. The spread continues to narrow. Huatong spot price of 99.7% aluminum ingots rose 110 yuan / ton to 21,330 yuan / ton. Shanghai Aluminum's quotation is, and the transaction price is. Shanghai Aluminum tends to decline, and the quotation is difficult to maintain. The transaction status is normal. Wuxi aluminum prices in, Shanghai aluminum trend is bumpy, downstream into the morning market is small, transactions in general, local stocks close to 10,000 tons. The strong spot price today provided some support to the period price, making the aluminum price not fall following the copper price. In terms of fundamentals, the subsidiary of Shenhuo Group purchased a small aluminum smelter and will increase its production capacity to 140,000 tons/year by the end of next year, as China's aluminum industry still shows no sign of slowing down.
The current output of the smelter is about 35,000 tons/year, which is the second smelting plant of the group, and another smelting plant with an annual output of 200,000 tons is in Henan Province. In addition, Russia announced that it has successfully modernized its smelter, and this year it has successfully increased its aluminum output by 2%, while its alumina production also increased by 2.1% over the same period. It can be seen that aluminum ingot production capacity and alumina production capacity are rapidly expanding under the attraction of high prices, making aluminum prices different from copper prices. In the near future, we must pay attention to the changes in the spot price. The current spread narrows down quickly. We are concerned whether the spot price can continue. Otherwise, this wave of gains is expected to come to an end.
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