Aluminum market consumption has not shown bright spots, downstream demand recovery still needs time

This week, the Shanghai aluminum index opened low and quickly fell to 12,760 yuan before rebounding to narrow the decline, falling 240 yuan weekly, or 1.
82%.

In terms of the external market, this week's LME March aluminum range volatility operation, the beginning of the week after testing $1644 quickly pulled up to $1714 under pressure, the end of the week rebounded again, weekly increase of 0.
33%.

In terms of news, the overseas epidemic has further fermented, and from the current development of the new crown pneumonia epidemic in various countries, the United States and many European countries are in an outbreak period, and the number of subsequent confirmed cases will increase
significantly.
Italy and Iran are in the initial control period, and the number of confirmed cases may increase further, but the inflection point of the epidemic is also
approaching.
South Korea is in a period of easper, and the number of confirmed cases will gradually decline
.

In terms of the market, the main trading range of spot aluminum this week is 12610-12850 yuan / ton
.
The premium range is C60-B10 yuan/ton
.
This week's spot aluminum prices weakened, the first half of the week holders more price to narrow the discount, the second half of the week spot aluminum prices continued to fall, the shippers shipments are better, middlemen are willing to take the dip, the overall market transaction has improved
.

This week, the epidemic in overseas markets continued to show signs of spread, and the lack of market confidence caused spot aluminum prices to continue to fall, and domestic aluminum prices weakened
sharply.
From the current fundamentals of the domestic aluminum market, the spot trade of aluminum ingots has improved, and some downstream have begun to stock up a small amount, but the inventory will continue to accumulate to a high level, and the duration and accumulation range will affect the current aluminum price, while paying attention to the gradual resumption of
work.

Although downstream processing enterprises and terminal industries continue to resume work, aluminum consumption still has not shown bright spots, and inventories continue to increase, inhibiting the rise
in aluminum prices.
At present, the supply pressure in the spot market is large, and it will take time for downstream demand to recover, and Shanghai aluminum
is still regarded as a bear.
When electrolytic aluminum inventories begin to slowly decline, Shanghai aluminum may have a wave of rebound
.