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The non-ferrous plate rebounded overnight, and Shanghai aluminum closed the weakest
.
At the beginning of the week, the social inventory of aluminum ingots continued to accumulate 12,000 tons to 676,000 tons compared with last Thursday, consumption weakened significantly, the spot premium near delivery fell back, and the reversal of the Shanghai aluminum far month difference was also unfavorable
to the bulls.
However, with the sharp decline in domestic prices, the closing of the primary aluminum import window will ease some of the supply pressure
.
Pay attention to whether the accumulation speed can have an expected difference so that Shanghai Aluminum can find support
.
Short orders will continue to be held
for the time being.
In terms of fundamentals, the domestic epidemic has rebounded, and logistics restrictions have been strengthened in some areas, or downstream construction may be affected; In winter, consumption slowed down in the north, some rod factories stopped production, and the amount of ingots increased; Electrolytic aluminum production continues to expand, consumption slows down significantly, recent market arrivals have increased significantly, recent spot transactions are weak, and there is a discount in the month of transactions
.
The dollar index rebounded above 90, putting pressure
on non-ferrous metal prices.
The domestic electrolytic aluminum social stock rose to 676,000 tons, and the inventory inflection point has been established, and the follow-up will enter the off-season accumulation stage
.
Affected by this year's cold winter and the new crown epidemic, downstream aluminum processing companies took an earlier holiday, and the demand side fell rapidly
.
In the case of the establishment of the inventory inflection point, the trend of aluminum prices is relatively sluggish
.
