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The main contract of Shanghai aluminum jumped high overnight, and it was strong and volatile during the day, closing up 1.
37%.
The macro atmosphere is better, the dollar index weakened overnight, boosting the trend of aluminum prices, this week need to pay attention to Powell's speech and heavy inflation data
.
From a fundamental point of view, domestic supply-side production is less than expected, but weak consumption and accumulation of social treasury do not promote the upward trend of aluminum prices
.
Overnight, the dollar index fell again, the trend of domestic and foreign non-ferrous metals was boosted, the US employment data was strong, the dollar index came under pressure downward, revised the previous recession trading expectations, coupled with the global expectation of China's economic recovery is strong, the economic growth rate of various places before the two sessions is expected to be introduced one after another, the renminbi continues to appreciate sharply, the northbound capital pours in, and the position is more crowded
.
The power situation in Guizhou is still relatively grim, recently issued another load reduction notice, local refineries opened the third round of production reduction, it is reported that the total reduction scale of the three rounds of production reduction exceeds 900,000 tons, coupled with the slow realization of new investment and resumption of production capacity, domestic electrolytic aluminum production is less than expected, which has some support
for the trend of aluminum prices.
However, at present, the characteristics of the off-season of domestic downstream processing are obvious, coupled with the Spring Festival holiday approaching, downstream processing enterprises may enter the holiday stage one after another, and the operating rate continues to weaken, dragging down the trend
of aluminum prices.
In addition, the recent significant accumulation of aluminum ingot social library has driven up price pressure
.
For the current trend, the dollar has been lower since the opening of trading from Friday to Monday, the metal market has taken a breather, aluminum prices domestic supply side disturbance information continues to support the price, while overseas aluminum alumina production reduction to form a certain support for the cost of electrolytic aluminum, aluminum prices once rebounded
slightly.
