Aluminum market afternoon review on December 13

Overnight coal fell slightly, Lun aluminum rushed high and turned down, closing at $2611, Shanghai aluminum opened low and fell to close at 18760.
Shanghai aluminum trading fell and positions rose, market sentiment was slightly optimistic
.
Policy factors have led to inactive trading of Shanghai aluminum, and the market may continue to rebound
with the aluminum shock.
Upper pressure 22000, lower support 18500
.

On the supply side, November production was in line with expectations, electrolytic aluminum profits recovered, and December production will pick up slightly, considering that the National Reserve has not sold reserves, supply remains at a low level
during the year.
On the consumption side, real estate policy is relaxed, and demand is expected to improve, but it will take time to translate into consumption improvement; Exports of unwrought aluminum and aluminum products hit the best level of the year in November, reflecting signs of some enterprises rushing to export; On the cost side, alumina continued to fall, driving the cost of electrolytic aluminum to decline
moderately.
Overall, demand continues to improve, but high inventory makes the market cautious, the weekend economic work conference set the tone in 2022 to promote a virtuous cycle of real estate, the market is expected to improve, and the support below aluminum prices is strong; In the medium and long term, the policy of the real estate sector has improved significantly, and aluminum prices are not pessimistic
.