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Overnight, Shanghai aluminum fluctuated
in a narrow range.
On Monday, the social stock of aluminum ingots fell by 02,000 tons
in the process of continuous accumulation.
With the recent weakening of aluminum prices, coupled with the approach of the Spring Festival and concerns about transportation obstruction, the increase in market bargain stocking has supported spot market prices and premiums
.
After the month change, the basis of Shanghai aluminum has increased, which may form a certain support
for Shanghai aluminum.
Some downstream began to have an early holiday this week, and the epidemic in various places may further suppress consumption
.
The demand side is currently deeply affected by the seasonality of deep winter, and in the case of periodic decline in terminal demand such as real estate infrastructure, the continuous decline in aluminum water consumption or the willingness of upstream aluminum enterprises to cast ingots will continue to increase
.
At the same time, in the context of the continuous fermentation of the epidemic in the north, the difficulty of timely release of regional consumption will also increase the accumulation pressure of domestic inventory
.
Data show that in 2020, China's aluminum production reached 37.
08 million tons, a record of the year, as soaring aluminum prices stimulated the release of production capacity; Aluminum imports in December increased by 40.
5% month-on-month, and the annual import volume hit a record high, as the import arbitrage window continued to open, and spot aluminum prices were expected to fall
slightly.
