January 26 aluminum market afternoon review

Thermal coal rose overnight, and the high of Lun aluminum rose sharply to close near a new high in Zhongyang, closing at $
3,095.
Shanghai aluminum opened high above the 20-day moving average overnight to close in Zhongyang, closing at 21450
.
Shanghai aluminum trading positions are rising, and the market sentiment is optimistic
.
The fundamentals of Shanghai aluminum are better, and the technical form has been repaired
.
Lun aluminum took the lead in strengthening, and Shanghai aluminum may continue to fluctuate upward
with Lun aluminum in the medium term.
Upper pressure 24000, lower support 20500
.

In terms of inventory, aluminum ingots were slightly destocked by 01,000 tons to 725,000 tons per week, with Wuxi providing major decreases, and South China Sea and Shanghai contributing increments
.
From a fundamental point of view, the recent double rise in alumina and coal prices, raw materials and electricity costs support a certain rise in aluminum prices
.
The effect of production cuts caused by energy shortages in Europe is still continuing, production increases in various parts of the country are accelerating, and supply differentiation is conducive to domestic exports
.
In the early stage, downstream enterprises accelerated stocking basically in place, and many processors will take a holiday in advance near the Spring Festival, and demand has entered an accelerated downward stage
.
This week, aluminum rods maintained the rhythm of accumulation, the inflection point of aluminum ingot accumulation first appeared, and the long holiday effect made the destocking cycle at the beginning of the year longer, and it is expected that the accumulation range after the holiday may be stronger than last year and weaker than previous years
.
In addition, there is a possibility of light hedging of funds before the holiday, be wary of the recent long exit, and continue to pay attention to the progress of
European energy and the global epidemic.