Market Insight | Chalco drops more than 6% under pressure from off-season consumption, short-term aluminum price fluctuates at the bottom
China Aluminum fell more than 6%, hitting a new low of HKD 4.85 since the end of April. As of the time of publication, it fell by 6.17% to HKD 4.87, with a turnover of HKD 152 million. According to SMM data, the A00 aluminum price recorded RMB 19,790 per ton yesterday, a decrease of RMB 250 per ton from the previous trading day; in terms of futures, on July 16, the main Shanghai aluminum contract opened at RMB 19,970 per ton and closed at RMB 19,860 per ton, down RMB 80 per ton from the previous trading day's closing price. Huatai Futures pointed out that domestic electrolytic aluminum supply continues to grow, the market spot supply is sufficient, and demand is gradually entering the off-season. The fundamental driving force is weak, and short-term aluminum prices may be mainly weakly volatile. In addition, Guohai Securities stated that in the short term, aluminum prices are maintaining a volatile grinding bottom, with the strengthening of the market's expectation of a Fed rate cut providing some support to aluminum prices. The discussion on the opening of Indonesian bauxite exports has impacted market sentiment, and short-term bauxite supply remains tight, with alumina prices remaining firm, still supporting aluminum prices. Companies with integrated operations will benefit significantly
According to the information from the Wise Finance APP, Aluminum Corporation of China (02600) fell more than 6%, hitting a new low of HKD 4.85 since the end of April. As of the time of publication, it fell by 6.17% to HKD 4.87, with a turnover of HKD 152 million.
On the news front, according to SMM data, the A00 aluminum price recorded RMB 19,790/ton yesterday, down RMB 250/ton from the previous trading day; in terms of futures, on July 16, the main Shanghai aluminum contract opened at RMB 19,970/ton and closed at RMB 19,860/ton, down RMB 80/ton from the previous trading day's closing price. Huatai Futures pointed out that domestic electrolytic aluminum supply continues to grow, the market spot supply is sufficient, and demand is gradually entering the off-season. The fundamental driving force is weak, and short-term aluminum prices may consolidate in a weak and volatile manner.
In addition, Guohai Securities stated that in the short term, aluminum prices are expected to remain volatile and grind lower. The strengthening of the market's expectation of a Fed rate cut provides some support for aluminum prices. The discussion on the opening of Indonesian bauxite exports has impacted market sentiment. In the short term, bauxite supply remains tight, alumina prices remain firm, and they continue to support aluminum prices. Companies with integrated operations will benefit significantly