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Global economic growth worries that aluminum continues to fall

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2019-05-30

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London Metal Exchange (LME) aluminum closed down on Oct. 22, the earlier decline in exports in Japan than expected, reflecting the impact of the global economic slowdown in the risk of assets of the appetite is also hit.LME three or three months Aluminum closed 0.5% lower at $ 1,960 a tonne, while LME aluminum stocks increased by 23,750 tonnes to 5.06 million tonnes, approaching a record level of 5.13 million tonnes in February.

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Japan's exports to China fell 14.1 percent from a year earlier, the biggest decline since January, while Japan's exports to the EU also fell 21.1 percent, as the European debt crisis continued to wreak havoc. In addition, the Chinese government announced plans in September, Spending $ 150 billion on infrastructure projects, but the action is expected to take place after the 18th meeting next month and the new leadership next spring.

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The next few days, analysts said the price expected to further decline in the quiet trading in the United States this week, before the release of GDP data, the price is difficult to have a big change. The US Federal Open Market Committee (FOMC) will hold a meeting on Tuesday, due to only a few weeks away from the presidential election, the meeting is expected to have no changes in monetary or economic policy.

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Shanghai aluminum futures opened lower on the 22nd to adjust the weak, the main 1301 contract closed at 15,450 yuan / ton, down 85 yuan. Shanghai aluminum low open low, down to 60 day moving average below. Investors continue to digest last week, the EU summit failed to bring the negative pressure, coupled with the global economic slowdown, the prospects for China's economic recovery is still not optimistic. The weak domestic aluminum industry makes the market confidence is insufficient. Overnight aluminum continued to fall, short-term aluminum continued to fall trend.

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International Aluminum Association (IAI) data released Monday showed that the global production of aluminum in September than in August to reduce 65,000 tons to 200.9 million tons. Global raw aluminum production in August was 2,074,000 tons. IAI said that the global production of aluminum in September than in the same period in 2011 decreased by 115,000 tons, when the output was a record 2.124 million tons. IAI said that the average daily production of raw aluminum in September rose slightly to 67,000 tons, 66,900 tons in August, 67,400 tons in July and 67,700 tons in June.

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