After the rise of Shanghai aluminum, the narrow range of consolidation increased market uncertainty

On the macro front, the US dollar index fluctuated to the upside as the US Federal Reserve held a two-day monetary policy meeting, which was expected to announce the end of the bond purchase program earlier than expected
.

In terms of fundamentals, the pressure of power cuts in Yunnan and other places has eased, and production capacity in some parts of southwest China has gradually resumed production, but due to the environmental protection requirements of the Winter Olympics and the double-limit policy, the overall output is still running
at a low level.

On the cost side, as the price of alumina fell to 3,000 yuan / ton and the weighted average electricity price fell back to 0.
5 yuan / kWh, the production of some electrolytic aluminum smelting enterprises turned to a slight profit
.
On the consumer side, the holders covered the goods and shipped at the high, and the receivers were bullish on on-demand purchases, and the actual trading was weak
.
With the easing of domestic power rationing pressure, downstream processing enterprises continue to pick up, outbound data performance is better, and consumption continues to improve month-on-month, but it is still necessary to pay attention to the sustainability of downstream consumption improvement
.

In terms of inventory, the domestic aluminum ingot social library went to the warehouse
.
As of Dec.
14, LME stocks stood at 977,400 mt, up 67,700 mt
from the previous session.
As of Dec.
13, social stocks of aluminum ingots fell by 37,000 tons from last Thursday to 915,000 tons
.

At present, the fundamentals of the aluminum market are relatively stable, the macro atmosphere is warming, and the aluminum ingot social library continues to support aluminum prices, but the Fed's interest rate decision is imminent, market uncertainty is increasing, and the operation is temporarily based on wait-and-see
.