According to the Smart Finance and Economics APP, aluminum stocks rose, as of press time, chinahongqiao (01378) rose 4.27% to HK$12.2; aluminum corporation of china (02600) rose 2.7% to HK$5.7.
On the news front, according to Mysteel, the domestic alumina price increased significantly in the first half of 2024. The average spot price of domestic alumina in the first half of the year was 3906 yuan/ton, up 34.64% year-on-year. Since this year, China's alumina prices have continuously hit new highs, and the main reason for the price increase is supply and demand mismatches. At the same time, overseas alumina prices have fluctuated and operated strong. As of the end of June 2024, the FOB price in Australia rose to $505/ton, a year-on-year increase of 52.57%.
Previously, Morgan Stanley's research reports stated that 5.9 million tons of alumina supply worldwide have been hindered, equivalent to about 10% of global supply after excluding China. Based on China's need for more imports, the global alumina market is further restricted, and alumina supply in China and worldwide is more tense, keeping the target price for chinahongqiao and aluminum corporation of china at HK$15.1 and HK$7.5 respectively, with a "shareholding" investment rating.