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Hey there, aluminum enthusiasts! Rina Meng here, your go-to gal for all things aluminum. Today, I’ve got some juicy news for you about the recent roller coaster ride that aluminum prices have been on. Buckle up and get ready for a wild journey through the twists and turns of supply pressures and signs of higher demand. It’s gonna be a wild ride, my friends!
So, let’s dive right in. Aluminum recently saw a 0.64% increase, settling at a cool 205.8. And what’s behind this upward swing, you ask? Well, it’s a tale of supply pressures and tantalizing signs of higher demand. It’s like a dance between two partners, each trying to lead the way. The result? Aluminum prices shimmying their way up the charts!
Now, let’s talk about China’s social inventory of aluminum ingots. It decreased by a whopping 7,000 metric tons from September 18. But hold your horses, folks, because it’s still 3,000 metric tons higher than on September 14. It’s like a seesaw, going up and down, teasing us with its unpredictable moves. But here’s the kicker: this inventory is down by a staggering 161,000 metric tons compared to the same period last year. Talk about hitting new lows!
Ah, mid-September brought some interesting developments. We witnessed an increase in aluminum billet supply from August. And you know what that means, right? More arrivals! The numbers shot up from under 70,000 metric tons to over 90,000 metric tons. It’s like a parade of aluminum, marching in with confidence and style. But hey, don’t worry, there’s always room for more!
But wait, there’s more to this aluminum extravaganza! The growth rate of domestic aluminum supply decided to take a breather. Meanwhile, the import window remained wide open, and overseas aluminum ingot supply decided to join the party. It’s like a global gathering of aluminum, with everyone bringing their A-game to the table. The more, the merrier, am I right?
Now, let’s talk stocks. Both aluminum ingot and billet stocks took a dip during the week. Why, you ask? Well, it’s a combination of fewer arrivals and pre-holiday stocking. It’s like a game of hide-and-seek, with the stocks playing hard to get. But hey, that just adds to the thrill of the aluminum adventure!
And guess what? The People’s Bank of China decided to join the fun too. They conducted reverse repurchase operations, injecting a net liquidity of a whopping 141 billion yuan. It’s like adding a burst of energy to the aluminum party, keeping the momentum going strong. It’s like a jolt of electricity, charging up the aluminum market!
Now, let’s get a little technical, shall we? Fresh buying was evident with a jaw-dropping 42.87% increase in open interest, settling at a whopping 3,649 contracts. It’s like a stampede of eager buyers, rushing in to get a piece of the aluminum action. And as for the price levels, aluminum found support at a sturdy 204.7. But hey, don’t get too comfortable, because there’s potential testing of 203.6 levels on the horizon. On the flip side, resistance was identified at a tantalizing 206.5. And if aluminum manages to break through that barrier, we might just witness some testing of 207.2 levels. Talk about pushing the limits!
Overall, the world of aluminum is a thrilling roller coaster ride, my friends. Supply pressures and signs of higher demand are the fuel that keeps this ride going. It’s a dance between supply and demand, with twists, turns, and surprises at every corner. But hey, that’s what makes it exciting, right?
So, my fellow aluminum enthusiasts, keep your eyes on the prize and ride this aluminum roller coaster with gusto. Stay tuned for more updates, because the aluminum adventure never stops! Thanks for joining me on this wild ride, and remember: “Keep shining bright with aluminum might!”
