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Aluminum market afternoon comment: the good news of Brexit boosted risk appetite, overnight Lun aluminum closed up $10, China's November aluminum imports fell month-on-month, social inventories are still at a relatively low level, and aluminum is expected to rise
today.
At the macro level, the UK discovered a new variant of the new crown virus, risk aversion heated up, and aluminum prices retraced
.
For the later aluminum price trend, the short-term macro impact is stronger than the fundamentals, for now, Pfizer's partner BioNTech said that it believes that the existing vaccine can deal with the new strain, and if necessary, the vaccine
may be adjusted within six weeks.
From a fundamental point of view, the second phase of Yunnan Shenhuo began to be powered and put into operation, and it is expected to release only part of the production capacity within the year, while Yunaluminum Haixin also received news that some production capacity was reduced due to power problems, and the overall production capacity release in December was limited
.
In terms of demand, supported by export orders, seasonal factors do not weaken demand significantly
.
Inventories still fell slightly on Monday, and there were fewer warehouse receipts, and there was limited
room for aluminum prices to pull back.