Aluminum prices continue to fluctuate at a high level, and the upward impact pressure level is unsuccessful

On the macro front, the Fed's interest rate hike expectations have strengthened, LME aluminum inventories have been significantly stockpiled in anticipation of the ban, and the European natural gas energy problem has eased
.
In terms of industry, on October 20, the domestic electrolytic aluminum social inventory was 626,000 tons, and the slight destocking was 06,000 tons
.
On the supply side, many domestic aluminum plants in Yunnan have successively reduced production, while Sichuan and Inner Mongolia have released new and resumed production capacity
.
On the demand side, the epidemic has repeatedly inhibited the transportation and production of the downstream aluminum processing industry, and the operating rate of aluminum processing has been disturbed and declined
.
Overall, supply and demand disruptions exist

Fundamentally, with the release of new production capacity and resumption capacity in Sichuan and Inner Mongolia, the total domestic electrolytic aluminum operating capacity is slowly repaired, but the dry period in Yunnan is coming, and it is still necessary to pay attention to whether there is a possibility
of subsequent production reduction and expansion.
Recently, orders for the automotive and photovoltaic sectors have been good, but the real estate industry is still weak
.

On the whole, low inventory combined with a tight spot pattern has some support for aluminum prices, but if the European and American sanctions against Rusal land at the end of the month, the original supply of electrolytic aluminum in Europe and the United States may flow to the domestic market, which will have an impact on the domestic future market, and the current dollar liquidity impact and the expected strengthening of global terminal demand are still market concerns
.