Aluminium Drives 40%-plus Analysts Continue Bullish Next Week

- Apr 24, 2018 -

Aluminium Drives 40%-plus Analysts Continue Bullish Next Week

The Sino-U.S. trade war is rampant, and UC RUSAL has brought a greater impact on the market by the U.S. sanctions. RUSAL is the world’s second largest aluminum producer, leading directly to the skyrocketing aluminum prices at home and abroad. Although the United States has determined that there is a subsidy for the preliminary determination of aluminum alloy plate production in China, its impact is far less than that of the RUSAL event. As of Friday, Shanghai aluminum main 1806 contract closed at 14,955 yuan / ton, a week-on-week increase of 2.57%. For the next week's aluminum price survey, over 40% of analysts continue to bullish prices for the next week, followed by analysts watching the shock, while bearish analysts account for relatively few but little difference.

For bearish analysts, Thursday's LME aluminum inventories totaled 1,404,000 tons, an increase of 59,000 tons from last Thursday. The substantial increase in the price of Alluminium led spot sellers to be willing to throw cargoes into the futures market. Although the supply gap of overseas electrolytic aluminum market will be expanded after the RUSAL delivery is restricted, at such high aluminum prices, a considerable number of traders are still willing to throw cargo. The increase in LME aluminum inventories will curb Lonco’s gains.

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