China Aluminum Price Market Summary (2022-8-14)

Market summary: last trading day aluminum ingot market Nanhai Lingtong (including tickets) range price of ￥18770~18870 yuan/ton, the average price of ￥18820 yuan/ton, down 100 yuan/ton; Nanhai Lingtong (excluding tickets) range price ￥17,400 ~ 17,500 yuan/ton, the average price ￥17,450 yuan/ton, down 100 yuan/ton; Guangdong Southern reserve aluminum ingot (South China) range price of 18540~18600 yuan/ton, the average price of 18570 yuan/ton, down 70 yuan/ton; Guangdong Southern reserve aluminum ingot (East China) range price ￥18650~18690 yuan/ton, the average price ￥18670 yuan/ton, down 120 yuan/ton; Yangtze River aluminum ingot range price ￥18650~18690 yuan/ton, the average price ￥18670 yuan/ton, down 120 yuan/ton.

The view of aluminum price of Galaxy Futures: domestic thermal coal consumption is gradually approaching an inflection point. The daily consumption is down, the thermal coal output is high, and the downstream power plant inventory is high. If the demand drops seasonally, the price will come under pressure, which will lead to the collapse of aluminum cost. In terms of transaction attributes, yesterday and today registered warehouse orders continued to increase significantly, as of Friday, warehouse orders increased to 83,900 tons, the holding/warehouse order ratio dropped to 0.9, the risk of crowding or lifting, but this delivery will lead to the follow-up deliverable warehouse will be more concentrated, for the subsequent crowding of the warehouse laid the foward; Spot market transactions, spot to maintain the situation of large discount, consumption to maintain weak, slightly stock over the weekend, but general performance; In terms of trading strategy, weak fundamentals restrain aluminum price. In the situation of strong performance of other metals, aluminum price cannot fall alone in the short term. Pay attention to coal price, if the domestic coal price falls, the negative impact on aluminum price is greater.

Maike futures aluminum price analysis: aluminum ingots spot market trading is still more general, discount expansion. Downstream processing enterprises only maintain just need to purchase, receiving goods mood is not good. In addition, the aluminum bar market processing fees continue to be weak operation, the US inflation data eased, the interest rate gap period of macro pressure weakened, aluminum prices fell to the cost of the short-term support level. However, the increase of supply combined with poor demand, the continuation of social inventory inventory verifies that the domestic fundamentals have weakened. The combination of overseas energy crisis and low inventories supported the LME spread structure