Changjiang Nonferrous Metals: The 1-day Alumina Futures Price Continues To Show A Strong Trend, While Spot Trading Remains Weak

On July 1st, Changjiang Nonferrous Network reported that alumina futures continued to show a strong trend today, with the main monthly contract 2408 oscillating and strengthening. The intraday trend remained strong. As of the close of 3:00 pm on the same day, the main monthly contract for alumina 2408 was priced at 3837 yuan, up 49 yuan, or 1.29%; A total of 161466 transactions were made in 4 contracts, a decrease of 19373 transactions from the previous trading day, with a decrease of 10.71%; The position increased by 314 lots, or 0.24%, to 132590 lots.
Today, the spot price of domestic alumina remains stable; According to CCMn data from Changjiang Nonferrous Metals Network, on July 1st, the price of alumina per ton in South China was between 2860 and 2990 yuan, which is the same as the previous trading day's price; The price of alumina per ton in East China ranges from 3910 to 3950 yuan, which is the same as the previous trading day's quotation; The price of alumina per ton in Southwest China ranges from 3900 to 3940 yuan, which is the same as the previous trading day's quotation; The price of alumina per ton in the northwest region ranges from 4230 to 4270 yuan, which is consistent with the previous trading day's quotation.
Today, the alumina futures of the Shanghai Futures Exchange continued to show a strong trend, with the main monthly contract 2408 rising by 1.29% in daily trading; The spot price of domestic alumina remains stable. The trading atmosphere in the spot market remains weak, with downstream electrolytic aluminum companies showing a decrease in willingness to enter the market for purchases. In addition, there is insufficient demand from traders, leading to more accepting and long orders. Coupled with the strong spot prices, it is difficult to drive the enthusiasm for spot buying, resulting in lower overall trading volume for the day. The overseas macro atmosphere has warmed up, and the most favored PCE data in the United States meets market expectations, enhancing the market's bet on the Federal Reserve's interest rate cut, hitting the US dollar and boosting the trend of metal prices. In terms of fundamentals, alumina maintains a balance between supply and demand, with limited production increase at the mining end. In addition, domestic bauxite supply is tight, and the demand side maintains growth expectations, providing support for the trend of alumina futures prices. In the short term, the aluminum oxide futures price continues to fluctuate repeatedly under the influence of macro and electrolytic aluminum prices, and the strong spot price provides support below the futures price. Operational advice, buy long on dips.

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