February 19 Shanghai aluminum brief comment

Yesterday, the main 2004 contract of Shanghai aluminum opened slightly at 13685 yuan / ton, adjusted weakly to around 13660 yuan / ton in early trading, and the rise trend in the afternoon was slightly stronger, but it still maintained in the volatility range of the previous two weeks, closing at 13725 yuan / ton, up 0.
26%, the trading volume increased to 34,000 lots, the position increased to 104,000 lots, night trading continued to be suspended, and the recovery time was undecided
.
The government actively promotes the resumption of production and work of enterprises, but terminal consumption is still weak, and the degree of improvement in downstream demand is limited, and the main operating range of Shanghai aluminum is expected to be 13600-13800 yuan / ton
.

Domestically, spot prices rebounded by 60 yuan / ton to 13,610 yuan / ton, but the discount expanded to 60 yuan / ton
.
Although the epidemic data has further declined, the downstream resumption of work is still weak
.
The price of alumina rose to 2486 yuan / ton, and the smelting profit is expected to be further compressed
under the background of the backlog of raw material costs.
It is expected that aluminum prices will remain volatile around 13500-13900 yuan / ton, and the policy stimulus for Q2 still needs attention
.

Long and short game, aluminum price volatility continues, today's Shanghai aluminum narrow range oscillation, as of the close of three points, the main 2004 contract closed flat to 13710; Although downstream demand has gradually resumed work, due to the different implementation efforts in various places, the demand boost is limited, and the short-term aluminum price range shock pattern remains unchanged, continuing to pay attention to the fluctuation of 1.
36-13,900; it is expected that tomorrow's spot aluminum price will not fluctuate much
.