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On Thursday, the main 2201 contract of Shanghai aluminum opened at 18980 yuan / ton in early trading, the highest point was 19275 yuan / ton, and finally closed at 19205 yuan / ton, up 100 yuan / ton from yesterday's end, or 0.
52%.
Fundamentally, Zhejiang Shaoxing, Ningbo and Hangzhou have been greatly affected by the epidemic recently, and the procurement of aluminum plants is difficult, mainly based on inventory consumption, and there may be a risk
of stopping production in the later stage.
The pressure of power rationing in Yunnan and other places has eased, and production capacity in some parts of southwest China has gradually resumed production, but due to the environmental protection requirements of the Winter Olympics and the double-limit policy, the overall output is still running
at a low level.
The pressure of power rationing in Yunnan and other places has eased, and production capacity in some parts of southwest China has gradually resumed production, but due to the environmental protection requirements of the Winter Olympics and the double-limit policy, the overall output is still running
at a low level.
On the cost side, as the price of alumina fell to 3,000 yuan / ton and the weighted average electricity price fell back to 0.
5 yuan / kWh, the production of some electrolytic aluminum smelting enterprises turned to a slight profit
.
On the consumer side, the willingness of cargo holders to hold prices is high, the willingness of receiving companies to bear purchases has weakened, and the trading atmosphere is general
.
The recent outbound data has performed well, and the consumption side has continued to pick up, but the new orders are still weak compared with the same period last year, and it is approaching the Spring Festival off-season, and it is expected that the subsequent consumption improvement space is limited
.
In terms of stocks, LME stocks stood at 984,700 mt as of Dec.
16, down 05,900 mt
from the previous session.
As of Dec.
16, social stocks of aluminum ingots fell 05,000 tons from Monday to 910,000 tons
.
The latest inventory data shows that domestic aluminum ingots are destocked, and major consumption areas such as Wuxi and Shanghai contribute mainly to destocking, but the actual destocking range of the social library has slowed down during the week, and it is necessary to pay attention to the sustainability of destocking
.
At present, the fundamentals of the aluminum market are relatively stable, and the aluminum ingot social library continues to support aluminum prices, but there are many macro uncertainties, and the operation is mainly
wait-and-see for the time being.
