Aluminum opened high and low, and the gains converged

Last week, aluminum prices showed a trend of high and sharp fluctuations, mainly dragged down the entire non-ferrous sector by the rise in U.
S.
bond yields and the plunge in nickel, superimposed aluminum ingots continued to accumulate, and aluminum prices continued to adjust at a high level
.
Standing at the current point, maintain a bullish judgment, but it is recommended to grasp the long rhythm
.

Recently, the two sessions officially kicked off, at the meeting proposed to accelerate the green and low-carbon development of the aluminum industry, the follow-up will strengthen the supervision of aluminum enterprises to implement low-carbon emission reduction, capacity reduction is expected under the medium and long-term aluminum prices still have the possibility to rise, but in the short term, short-term funds to coax down the soaring aluminum prices still have greater risks, need to be vigilant against the possibility of falling, Shanghai aluminum main force temporarily pay attention to 17,000 supports, it is expected that tomorrow's spot aluminum will fall, the operation can wait and see
.

Aluminum ingot inventories recorded 1.
173 million mt last week, with a weekly accumulation of 91,000 mt, and the accumulation continued, but the extent narrowed
.
From the perspective of the downstream operating rate of institutional statistics, last week did not return to the pre-holiday production level, and the high aluminum price formed a certain suppression of the start, especially the current orders due to seasonality has not yet warmed up the sector, such as profiles, cables, etc
.

The latest announcement of unwrought aluminum and aluminum exports from January to February was 842,000 tons, an increase of 25.
9% year-on-year, and exports maintained recovery
.
On the supply side, the three smelters in Mengdong were affected by the government's energy consumption control, forced to partially reduce production, the current production capacity declined, and the crisis of production reduction due to energy consumption control in the province cannot be completely lifted in the short term and there is a risk of further expansion, while the regional new investment progress is expected to be affected during the year, although Yunnan will return to the new investment rhythm after the holiday, but the overall supply is expected to decline
compared with before.

Current macro sentiment still dominates the market, and unless we see fundamentals at a clearly dragging angle, this sentiment will continue
.
Recently, the Ministry of Finance announced that it will implement a prudent monetary policy in 2021, and at the same time, under the requirements of the "carbon neutrality" of the two sessions, accelerate the green and low-carbon cycle of the aluminum industry, strictly control the approval of high-energy-consuming industries, and play a certain supporting role
in aluminum prices under the supply side of "carbon neutrality".
The key to supply and demand in March lies in the specific implementation point of the production reduction and the landing of
demand.