Yesterday, LME aluminum opened at 1863 US dollars, the intraday high of 1865.5 US dollars, closing at 1855.5 US dollars, volume and open interest have increased, inventories increased 700 hands, reached 509,175 hands. The drop in crude oil and the increase in inventory have had a slight impact on Alluminium's price.
However, in view of the overall situation, the consumption of Alcoa Aluminum has been started to provide support for future price increases.
From the domestic data point of view, the increase in production, while consumption is also increasing. In the first eight months of this year, China's apparent consumption of aluminum (apparent consumption = output + net imports +/- inventory changes), the monthly consumption and output have shown rapid growth since 2005. It seems that people's pessimism about Shanghai Aluminum needs to be changed. Today, Shanghai Alcoa and its main contract are all floating across the board. It seems that domestic long holiday bookings are strong. Due to rigid cost support, it is estimated that Shanghai Aluminum will decline slightly after 11th.
Operational recommendations: wait and see
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