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Aluminum market afternoon comment: U.
S.
stocks rose to boost prices, and Lun aluminum rose 0.
88% during the Spring Festival; LME aluminum inventories continue to deteriorate, the recovery of demand in the domestic market after the holiday supports prices, Shanghai aluminum or supplementary rise, it is expected that aluminum will rise
today.
On the macro front, during the holiday, the dollar fell back from the high to around 95.
5, although the non-farm payrolls data is more optimistic, but the Fed's hawkishness has slowed down but still dragged the dollar down, the dollar has now fully responded to interest rate hike expectations, and further momentum in the short term is limited
.
The seasonal decline in demand during the Spring Festival has become the main reason for the accumulation of aluminum ingot inventory, considering that it is close to the Spring Festival, aluminum ingot inventory is likely to continue to increase in the next 1 month, putting pressure
on aluminum prices.
At present, the resumption of electrolytic aluminum production capacity continues to increase, but coupled with the winter environmental protection and the production restrictions of the Winter Olympics, the overall supply of electrolytic aluminum is not loose; On the cost side, the price of alumina remained low, the cost of electrolytic aluminum fell significantly from the previous high, and the profitability of aluminum plants increased significantly.
In addition, the upward momentum of the market has weakened, and short-term attention is risky
.
