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LME aluminum prices were overall down and then up during the Spring Festival, falling below $3,000 / ton last Wednesday and rebounding back to around
$3,050 / ton on Friday.
In terms of news, as Russia and Ukraine agree to abide by the ceasefire agreement, the market's hype for further deterioration of geopolitical issues has gradually weakened, but the future trend remains to be seen
.
Earlier last week, the price of natural gas TTF in Europe showed another correction, which on the one hand confirmed that the fear of natural gas supply shortage caused by the situation in Russia and Ukraine has weakened, and on the other hand, it also indicates that the pressure on energy costs in Europe has eased
slightly.
However, affected by the Blizzard weather in the United States, crude oil prices rose sharply from Thursday, which led to the recovery of LME aluminum prices
.
In addition, the global supply of primary aluminum is still tight, from the LME aluminum ingot inventory, February 4 has reached 781,900 degrees, the lowest level
since 2007.
The low inventory superposition continues to destock, giving Lun aluminum strong support
.
Driven by Lun aluminum, as well as the seasonal accumulation pressure of domestic aluminum ingot social library and the problem of supply side alumina production restrictions, it is expected that Shanghai aluminum will remain high after the domestic opening, and it is expected that it will not change
.
