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港股概念追踪 |隔夜铝价继续大涨 国内铝土矿供给紧张形势延续(附概念股)

Hong Kong Stock Concept Tracking | Overnight aluminum prices continued to rise sharply, domestic bauxite supply tension continues (with concept stocks)

Zhitong Finance ·  May 21 20:40

Rio Tinto Group announced force majeure factors for alumina shipments from two smelters, Yarwun Smelter in Australia and Queensland Alumina Co., Ltd., saying there was a shortage of natural gas inventory/supply for power generation, and the operating capacity of the two alumina companies fluctuated by 6 million tons (4% of global operating capacity).

Aluminum prices hit a two-year high on Tuesday.

Rio Tinto Group announced force majeure factors for alumina shipments from two smelters, Yarwun Smelter in Australia and Queensland Alumina Co., Ltd., saying there was a shortage of natural gas inventory/supply for power generation, and the operating capacity of the two alumina companies fluctuated by 6 million tons (4% of global operating capacity).

Aluminum was also boosted by supply concerns, after Rio Tinto announced that its third party contract for the export of alumina from its refinery in Queensland, Australia, experienced force majeure: “When basic metals rise sharply, aluminum often lags behind copper, but fund funding will eventually discover it.”

Marex consultant Edward Meir said it may be difficult for other alumina producers to close the gap so quickly, so we may see further increases in alumina and aluminum prices over the next few days. He also said that there is no shortage of bauxite, so there is a usable raw material for alumina.

The Zhitong Finance App learned that CITIC Securities released a research report saying that Rio Tinto announced force majeure factors regarding Australian alumina shipments, and this incident catalyzed the rise and fall of alumina futures during the day.

Looking at the longer term, the timing for the resumption of production in Jinyu is still unclear. Domestic bauxite supply continues to be tight, and the growth rate of alumina production is under pressure.

At the same time, the resumption of electrolytic aluminum production in the Yunnan region contributed to an increase in alumina demand that exceeded expectations.

The above factors have stimulated a sharp increase in alumina prices, and industry profits are expected to improve markedly. Continue to be optimistic about investment opportunities in the aluminum sector and maintain the aluminum sector's “better than the market” rating.

Companies related to the aluminum sector:

China Aluminum (02600), China Hongqiao (01378)

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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