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Today's aluminum price is strong, volatile, closing up 0.
35%.
Crude oil and coal prices strengthened, and Shanghai, which is closely linked to energy, was still boosted, although the growth rate of aluminum prices was limited
due to the expectation of accumulation during the Spring Festival.
Fed Chairman Jerome Powell hinted that the first rate hike would be in March, and also said that he did not rule out the possibility of raising interest rates at every meeting, and his attitude was more hawkish, which affected the US Treasury yield and US index significantly strengthened, but the metal market was not significantly under pressure
.
In terms of news, the recent significant deterioration of the situation in Russia and Ukraine has triggered market concerns about energy, and if the energy crisis in Europe repeats, funds may seek to allocate industrial products to avoid inflation risks
.
There has been no more news of production cuts at European aluminum plants recently, but concerns about energy constraints remain.
In anticipation of further energy shortages caused by the conflict in Russia and Ukraine, Lun aluminum remained strong
.
In terms of inventory, as of January 27, SMM statistics on domestic electrolytic aluminum social inventory of 726,000 tons, unchanged from last Thursday's inventory, Nanhai, Gongyi, Shanghai, Hangzhou consumption areas contributed the main increase
.
Considering that most aluminum plate and foil enterprises choose not to take a holiday during the Spring Festival due to sufficient orders in hand, profile companies basically maintain a normal holiday rhythm and other factors, although the previous period of Mongolia, Yunnan, Shanxi and other places to reduce production aluminum plants have a certain supply release, but considering the low transportation efficiency of the Spring Festival, the accumulation of social treasury during the Spring Festival will be less than in previous years
.
On the whole, the current low inventory and the accumulation height is not as expected, aluminum price support is strong, short-term Shanghai aluminum to maintain high volatility, still need to continue to pay attention to the domestic Spring Festival before the long risk off and overseas electrolytic aluminum supply and demand changes, on-demand stocking does not chase higher
.
