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Aluminum prices were weak and volatile
yesterday.
Shanghai aluminum main plate weak in the morning, the trading center of gravity moved down to around 21100 yuan / ton, close to the Spring Festival, holders of positive shipments, spot premium narrowed, early East China spot on the plate premium around 10 yuan / ton, compared with last Friday's transaction discount narrowed by about 10 yuan / ton
.
The spot price in the Central Plains (Gongyi) area is about 150 yuan / ton for East China, and the actual transaction is around 140 yuan / ton for the plate, and the downstream is still mainly based on demand, and there is little large-scale procurement
.
The overseas European energy crisis continues to ferment, and due to the great uncertainty of overseas natural gas supply, production reduction may expand.
In terms of domestic fundamentals, Yunnan, Shanxi and other provinces have slightly increased the production of electrolytic aluminum, and the operating capacity has continued to rise
.
In terms of cost and profit, the suspension of production in Shandong may cause the overall production of alumina to decline in February, which will form a significant support for the price of alumina, and it is necessary to pay attention to the subsequent increase in alumina prices to the disturbance of corporate profits
.
On the demand side, downstream aluminum processing enterprises near the Spring Festival have successively stopped work and holiday, and demand has weakened
.
Aluminum rods continue to be sluggish, and aluminum rod market inventories continue to accumulate.
In terms of inventory, the domestic aluminum ingot social library as a whole shows a trend of accumulation, but the current accumulation range is small
.
As of January 24, domestic aluminum ingot stocks were 725,000 tons, 01,000 tons
more than last Thursday.
On January 24, LME aluminum stocks moved -6,150 tonnes from the previous session to 859,800 tonnes
.
In terms of price, with the Spring Festival approaching the heavier risk aversion of bulls and the emergence of inventory inflection points, it is expected that aluminum prices will have a correction trend
in the short term.
