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Last week, the price of Shanghai aluminum fluctuated upward, and the center of gravity moved upward; The LME market is also volatile
.
Domestically, the accumulation of aluminum ingots is 43,000 tons, the accumulation is relatively slow, the market began to trade the logic of accumulation is not as expected, and the price of aluminum rose before the holiday
.
As of Friday's close, aluminum prices were up 3.
6%
from last week.
Since this month, aluminum has been suppressed and then risen, although it is close to the Spring Festival, enterprises have entered the maintenance period and the Spring Festival holiday, orders and shipments have decreased, trading is light, and it is still in the accumulation cycle, the domestic electrolytic aluminum social inventory is 752,000 tons, an increase of 38,000 tons from the previous Thursday, and the fundamentals of Shanghai aluminum are weak
in the short term.
However, Shanghai aluminum has continued to rise recently, mainly driven by the improvement of macro atmosphere and market expectations
.
Overall, the current accumulation of aluminum ingot society is slow, and it is expected that the accumulation range from January to February will be about 500,000 tons, which is lower than some market expectations
.
If the accumulation around the Spring Festival is less than expected, the market is prone to trading expectations poorly, which is also verified by the price trend this week
.
