December 6 aluminum market morning review

Industry information: On December 5, SMM statistics domestic electrolytic aluminum inventory, Shanghai 83,000 tons, Wuxi 88,000 tons, Hangzhou 22,000 tons, South China Sea 83,000 tons, Gongyi 21,000 tons, a total of 297,000 tons, an increase of 09,000 tons
from last Thursday.

In terms of market: on December 5, Shanghai aluminum trading concentrated 13900-13920 yuan / ton, and the discount for the month was 20 yuan / ton to 20 yuan / ton
.
The process of clearing inventory at the end of the smelter continued, the social inventory of aluminum ingots increased by more than 10,000 tons, the holders actively shipped for cash, the downward low volatility of aluminum in the future, the market bearish sentiment was strong, the middlemen chose to wait and see for the time being, and the downstream was purchased
according to just demand.
Hangzhou's inventory has increased a lot, but the circulation of goods has been controlled, and the supply and demand sides have shown a tug-of-war
.
Spot stocks may be difficult to avoid the trend of discounting
.

In terms of inventory: as of December 5, LME aluminum stocks reported 2,129,200 tons, a sharp decrease of 10,075 tons per day; As of December 2, the aluminum inventory in the previous period was reported at 72,155 tons, a weekly decrease of 3,207 tons, far lower than the average inventory value of 200,000 tons during the year, and hit a low point since September 28
, 2007.

Overnight, the main oscillation of Shanghai aluminum rose slightly to 13345 yuan / ton, which was much weaker than copper futures and nickel futures, but short-term U.
S.
crude oil futures rose strongly, and aluminum inventories in the previous period continued to decline, or limited the space
for aluminum prices to fall.
In terms of operation, it is recommended that the Shanghai aluminum 1702 contract can be backed by 13200 yuan above the dip, and the entry reference is around 13280 yuan, and the target is 13500 yuan
.