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February 10 aluminum market morning review

 Last Update: 2022-12-24
 Source: Internet
 Author: User

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Aluminum market morning comment: capital market risk appetite heats up, metal continues to destock to stimulate bullish sentiment, overnight external metals rose across the board, and the three-month aluminum price on the London Stock Exchange hit a new high
in more than ten years.
The three-month aluminum price peaked at $3272/ton, closing at $3263/ton
.
Shanghai aluminum opened higher overnight, and the main 2203 contract rose further after breaking through the 23,000 yuan / ton mark, and closed above 23,315 yuan / ton
.

Aluminum City

The morning spot market trading is dominated by traders and middlemen, and downstream procurement is still limited
.
The East China market still underperformed South China
.
The mainstream trading price in Shanghai is around 22,890 yuan / ton, which is basically flat with futures
.
The mainstream transaction price in Guangdong is around 23070 yuan / ton
.

The epidemic situation in Baise in Guangxi is still continuing, transportation is blocked under strict prevention and control measures, raw materials cannot be replenished immediately, some alumina plants and electrolytic aluminum plants have reduced production, and the interruption of aluminum ingot delivery has also reduced the arrival of goods in the South China market
.
The impact of the short-term epidemic is difficult to recede, fueling the bullish situation
.
However, the current market as a whole is in the warehouse stage, downstream consumption has not yet recovered, and there are risks
in chasing up.
Short-term it is recommended to pull back to do long ideas, beware of the risk of
falling back.

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