Aluminum prices fluctuate at a high level and be wary of the pullback brought by safe-haven demand

In terms of domestic fundamentals, after the correction of the dual-control atmosphere, various places have begun to resume production, and the operating capacity of electrolytic aluminum in Yunnan, Shanxi and other provinces is expected to increase slightly, and the domestic operating capacity will continue to rise
.

In terms of cost and profit, due to the recent heavy pollution weather warning and the impact of the Winter Olympics, the supply in Shandong has tightened, and the local alumina price has risen
.
At present, electricity prices are relatively stable, and aluminum prices are at a high level, and the industry is still profitable
.
On the demand side, downstream aluminum processing enterprises near the Spring Festival have successively stopped work and holiday, and demand has weakened
.

In terms of inventory, the latest domestic aluminum ingot social library continues to go to storage, with the downstream holiday, it is necessary to pay close attention to the inventory inflection point, and it is expected that there will be an inventory inflection point
in the near future.

In terms of price, the margin of supply and demand tends to be loose or makes it difficult for aluminum prices to have greater upward momentum, but overseas production cuts and tightening supply of raw materials still support aluminum prices below, it is recommended to treat the idea of bargaining and long in the short term, and need to be vigilant against the pullback
of aluminum prices caused by the exit of bulls caused by safe-haven demand.