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Shanghai aluminum fluctuated
in a narrow range overnight.
After a slight recovery in social stocks for two consecutive weeks, nearly 20,000 tons of accumulation
appeared on Monday.
With the gradual recovery of transportation, aluminum ingots in transit have been put into storage, terminal demand has fallen more obviously, some small and medium-sized enterprises have taken a holiday in advance, and the reappearance of heavy pollution weather in the north may continue to affect downstream construction
.
Before the Spring Festival, the accumulation of stocks gradually accelerated, and the downward space of Shanghai aluminum still exists, and short-term consideration is rebounded and short-sold
.
On the macro front, US listed companies ushered in the earnings season this week, the market risk aversion sentiment was high, the VIX index soared, the US bond yield fell, and the demand for US dollar safe-haven increased
.
In terms of fundamentals, the domestic epidemic rebounded, downstream consumption was suppressed, coupled with the collapse of aluminum prices, the amount of ingots cast by aluminum factories continued to increase, but logistics was tight and the arrival of goods was slow; Electrolytic aluminum production continued to expand, and consumption slowed down significantly
.
In the market, the price of Chinalco East China AOO aluminum ingots was 15,040 yuan / ton, up 40 yuan
.
The seasonal weakening of consumption in the domestic market, the accumulation of aluminum ingot social inventory, and the social inventory of aluminum rods also increased month-on-month, but the accumulation range is relatively limited, and it is expected that spot aluminum prices will not rise or fall much
today.
