LME Suspension Of Russian Listed Brands Aluminum Prices Are Still Facing Greater Pressure

News

The London Metal Exchange has announced an immediate suspension of trading in Russian-listed brands. Rusal's aluminium and Norilsk Nickel's copper have been suspended.

The FOB quotation of WESTERN Australia yesterday was 508 USD/ton. According to SMM, the current overseas price correction is mainly due to Australia's ban on exporting alumina to Russia, so the overseas spot has increased, the quotation has been gradually lowered, and the domestic price trend is stable.

The domestic electrolytic aluminum social inventory of 1.052 million tons, compared with last Thursday's inventory of 13,000 tons, wuxi area inventory of 11,000 tons, due to the concentrated arrival of goods in transit; In Gongyi area, 10,000 tons of stock was accumulated, which was affected by the epidemic. South China Sea storage of 9,000 tons, caused by the decrease in the arrival of goods; Linyi area flat; Tianjin area arrived in succession, storage increased resulting in small tired.

Opec + continuation of linear increase in line with expectations, but biden reserves authorize the release of 1 million barrels of oil a day and a half year, the largest in history a strategic reserve, to a certain extent alleviate the shortage of the proximal market expectations, on the other hand the situation in Russia and Ukraine and Russia and European gas settlement matters are still game stage, the gas price fluctuations.

Institutional point of view

Daiyue Futures:

In the face of such commodities as energy and mining the mismatch between supply and demand of low inventory dilemma is difficult to effectively under the background of broken, no matter in eastern Europe (Russia, Ukraine, represented), southeast Asia (Indonesia, Burma) represented by the Philippines, South America, Africa and other regions of the disturbance, supply aluminium supply disturbance or have a larger support, enters home to consume the busy season, April now go to the library bar is better support prices, The Russia-Ukraine war has lasted for a long time, so we pay attention to the conversion of risk preference and are cautious about bullish, mainly running in the range of 22000-24000 yuan/ton.

Citic Construction Investment Futures:

Wu situation ease with Russia to improve the supply of expectations have reaction on price, Aaron aluminum were obviously dropped last night, but now Russia's gas exports in rubles settlement problem is not solved, it will affect after April 1, Russia's exports to Europe's gas, so the price has dropped sharply, bull took more than single layout. In terms of domestic fundamentals, the epidemic has had little impact on the supply side. Some electrolytic aluminum plants have increased their inventories, which has had a significant impact on demand. Spot stocks in East and South China remain at a discount, and there is a risk that short-term inventories will continue to increase, so aluminum prices still face considerable upward pressure.