Minmetals by easy futures: August 16, aluminum early reviews

by:AAG     2020-11-08

aluminum: the LME prices remain near $1780 / ton consolidation, LME stocks fell by 7550 tons, Cash discount / 3 m 31. 25 dollars/ton. Shanghai compare values remain at 7. 97, considering the weak spot outside dish, could not return to power ratio of short duration. Shanghai aluminum is still strong, but still maintain the past decade, SHFE structure 8 months after delisting, for main contract in October, the market is still expected in trading season. But the SMM social stocks rose 10000 tons, in the process of aluminium short-term rise sharply, the downstream procurement cautious. Alumina prices remain at 2442 yuan/ton, smelting profits up to 700 yuan/ton. We believe that short-term partial overvalued, but considering the cost drivers tend to drag prices weak end, demand will yoy, we still keep falling below 14000 more.
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