LME inventories rose 5475 tonnes to 1213400 tonnes on Monday, while LME three-month aluminum closed down 0.34% at $1475 a tonne. Yesterday, Shanghai Aluminum was closed for one day because of Ching Ming Festival's holiday.
During the domestic holidays, the trend of non-ferrous metals in the outer disk diverged, with copper rising and aluminum falling.
On the news side, Hydro suspended the restart of 95000 tons of capacity at the Husnes aluminum smelter, and the expansion originally scheduled for the first half of 2020 will now be postponed to the third quarter of 2020 at the earliest. Up to now, all the nine UHV transmission channels under construction in China have resumed work and are speeding up construction. The investment scale of the construction project for the whole year will reach 181.1 billion yuan, which will effectively promote the development of upstream and downstream industries and social investment of 360 billion yuan. The overall scale is nearly 541.1 billion yuan.
Recent trend of non-ferrous metals, aluminum is still a weak variety, inventory continues to linger high, although the price has fallen below the cost, but the intensity of production reduction is still small. The closure of overseas automobile, aircraft and other manufacturing enterprises has had a significant impact on the export of aluminum, and there is still no hope of reversing the supply and demand pattern. Alumina prices continued to fall, the main domestic regions fell to less than 2300, a new low in recent years, the industrial chain continued to make profits.
Overall, the trend of aluminum prices is still weak, in the short term, the overall financial market sentiment warms up or shocks warm, but it is difficult for prices to rebound significantly before there is a sharp reduction in production in the industry.
