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Aluminum prices fluctuated higher
overnight.
Fed Chairman Jerome Powell's testimony continued to defend low interest rates and QE, but he spoke of moderate inflation in the current period, which is at odds with
the market's expectation of a rapid rise in inflation.
In addition, the US 10-year Treasury yield exceeded 1.
4% yesterday, which once again increased the
market's risk appetite.
From a fundamental point of view, the social inventory of aluminum ingots has been in the accumulation cycle, and the downstream aluminum rod inventory has also increased greatly, but the market transaction downstream reserve warehouse and demand start logic, but ignore the lack
of fundamentals.
The particularity of this year's Spring Festival determines the mismatch of production and demand in the processing industry, and some aluminum ingots are accumulated in advance to downstream finished product inventory, and the key in the later stage is the accumulation of social stocks such as aluminum ingots and aluminum rods; The second is whether the rise in price can be reflected in the processing fee, that is, whether the rise in aluminum prices can be smoothly transmitted
to the terminal.
Finally, it is reported that Inner Mongolia's energy consumption has not reached the standard and wants to take power restriction measures, and electrolytic aluminum is the first to bear the brunt, but there has been no substantial action and impact
at present.
In the short term, the high market sentiment under the aluminum price is still guaranteed, investors must pay attention to the time node in mid-March, when the fundamental accumulation cycle is over, the demand is started, and pay attention to the landing
.
In terms of operation, it is recommended that aluminum companies should purchase on demand and should not overstock; Smelters choose the opportunity to sell hedging
.