February 22 Shanghai aluminum brief comment

Domestically, the rise in Shanghai aluminum prices is mainly due to the small accumulation after the holiday, and the accumulated storage during the Spring Festival is only 128,000 tons, which is lower than the same period in the past three years, and the market is still trading the logic of accumulation less than expected
.
In addition, railway transportation in Xinjiang and other places has improved slightly, but problems still exist, which has certain obstacles
to the accumulation of social libraries.

From a fundamental point of view, the new investment capacity on the supply side is slowly released, the import volume in February is likely to be small, and the overall supply margin is weak; The consumer side has been boosted by the impact of the "New Year in place" in some regions, and downstream enterprises are more optimistic about the order situation after the holiday, and the resumption of work is expected to accelerate
.
Overall, the subsequent aluminum price is expected to continue the strong pattern, if the accumulation of stocks in the two weeks after the holiday is not as expected, the aluminum price still has upside
.

Recently the overall performance of non-ferrous metals is better, Shanghai copper, Shanghai tin successively up and down during the day, driven by it, aluminum prices continue to rise; In the short term, macro favorable superimposed on high market sentiment or promote aluminum prices to a new high, but the accumulation of inventory is still a major hidden danger, the subsequent price or there is still a possibility of pullback, it is not recommended to chase too much, Shanghai aluminum main force above can temporarily pay attention to 17,000 pressure level, operation can be bought at every need, it is expected that tomorrow's spot aluminum or continue to run
at a high level.