February 20 aluminum market morning review

Overnight, the main force of Shanghai aluminum 2004 shock operation, closed at 13710 yuan / ton, down 15 yuan / ton, or -0.
11% Overall, inventory continued to accumulate and aluminum prices were under pressure, but some alumina companies were forced to stop production due to the epidemic, which supported aluminum prices, and it is expected that Shanghai aluminum will fluctuate within the day, with an operating range of 13500-14000
.

In terms of spot, LME aluminum spot discount was $29.
50/ton, compared with $28.
50/ton
in the previous trading day.
The mainstream spot trading price in Shanghai and Wuxi markets is concentrated between 13590-13610 yuan / ton, which is about 10 yuan / ton higher than the previous day, and the spot premium is between 90 ~ 80 yuan / ton
.
Today, the shipholders are actively shipping, traders are more active in receiving goods, and the transaction between buyers and sellers is
acceptable.

In terms of stocks, LME aluminum ingot stocks decreased by 15,100 tonnes to 1,162,300 tonnes
on February 19.
On February 17, domestic aluminum ingot social stocks increased by 92,000 tons from last Monday to 1.
182 million tons
.

Although the accumulation situation still exists, but the epidemic is alleviating, it is expected that the recovery of downstream consumption will bring support to aluminum prices, the current aluminum ingot market is still dominated by trade links, while some warehouses are restricted in outbound transportation, the actual transaction is very limited, the short-term supply and demand side drive is not obvious, and it is expected to maintain range shocks
.
In the later stage, if the epidemic improves, the corresponding high point will be destocked in March, superimposed on the favorable domestic policies, and there will still be opportunities for supply and demand mismatch in the first half of the year for electrolytic aluminum
.