Overnight aluminum oscillation rebound technology form stronger than other base metals

Outside the plate trend: overnight aluminum oscillations rebounded, which 3 months late aluminum rose 0.95% to 1486.5 US dollars / ton, currently running at the intersection of multiple averages Lum Al, last week, the cumulative decline of only 1.07%, the performance is far less resistant to For other base metals, its short-term operating range is near $1500-1450/t.

Industry News: It is reported that the price of alumina in China has remained flat recently. As the refinery negotiated an increase in the price, the alumina plant workers will begin vacation next week, and alumina purchasing activities will be temporarily suspended.

Spot: According to the SMM report, on January 18th, the spot transaction in Shanghai focused on 10720-10740 yuan / ton, discount 50-30 yuan / ton. In eastern China, there were fewer arrivals, aluminum prices rose month-on-month, upstream holders were quite priced to sell, and downstream demand for Spring Festival stocking was not yet apparent. Premium trades caused middlemen to accept goods and market sentiments showed Monday's characteristics.

Inventory: As of January 18, LME aluminum stocks reported 2,836,025 tons, a decrease of 5,225 tons compared to the 15th. The inventory reached a new low since February 2009. As of January 15, the aluminum stocks of the previous period were reported at 301,547 tons. The decrease of 1,429 tons last week was the first time in three weeks, but the inventory is still close to the highest point (303,823 tons) set on September 18 last year.

Operation strategy: Overnight Shanghai aluminum 1603 contracts were consolidated to 10,720 yuan, but still effectively stabilized on the main moving average group, the technical form is stronger than other base metals, and the pressure on the supply side such as reduction of aluminum production and storage was weakened. It is recommended that the AL1603 contract be Backing 10620 yuan on the more cautious, the target concerned about 10,850 yuan / ton.