Aluminium market calm down in face of alumina prices

On Tuesday, Chinalco cut its alumina spot price for the third time. However, Shanghai Aluminum quickly digested the news. On the morning of September 27th, Shanghai Aluminum’s main contract rebounded and rebounded in the near-normal session, regaining some of the 26-day decline, and the trend was relatively stable under the support of strong spot prices. The three-month aluminum market of the London Metal Exchange (LME) closed at 2,520 US dollars/ton on September 26 and closed slightly lower than US$5 on September 25. Most of Lun-Aluminum's trading hours in Asia fluctuated slightly, but after the close of Shanghai stock market, there was a wave of rapid gains, and the focus of futures prices moved up. The other base metals of LME are still mixed, but the relative range of change is relatively limited, which has little impact on short-term directionality. However, most of the basic metal electronic price quotes in the Shanghai stock market have risen rapidly. Shanghai Aluminum's trading activity on September 27 was active. The main contract of Shanghai Aluminum, the main contract of Shanghai Aluminum, rebounded and rebounded after the flat contract opened. It recovered some of the decline on the 26th, followed by a narrow range of fluctuations for most of the time. The period price was opened at 18,970 yuan/ton, with the higher intraday rose to 19,330 yuan/ton and closed at 19,270 yuan/ton, up 300 yuan/ton from September 26. The market has maintained a strong aluminum spot price in China, and Alcoa's performance has been stable. China Aluminum has once again greatly reduced the alumina's steady digestion. China's spot aluminum showed strong performance after Chinalco announced a substantial reduction of its alumina quotation again, with little impact. LME aluminum stocks also declined slowly recently. On the 27th LME inventory report, aluminum stocks continued to decrease by 3,075 tons. And the initial value announced by the International Aluminum Association (IAI) shows that in the end of August 2006, all types of aluminum stocks held by Western producers (excluding finished products) fell to 2.933 million tons at the end of August, compared with 3.023 million tons at the end of July. At the end of August 2005, it was 3.399 million tons. In August, the raw metal inventory rose to 16.14 million tons, and in July and August 2005, it was 1.604 million tons and 1.912 million tons respectively. The inventory data still shows bullishness and constitute short-term support for aluminum prices.