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Aluminum market noon comment: cost surge supply disturbance, overnight Lun aluminum trend held firm to close up $18; Japan lowered the aluminum premium in the first quarter of this year, but domestic production was affected by power outages and environmental policies, and aluminum may rise
slightly today.
Thermal coal fell slightly overnight, and Lun aluminum bottomed out and turned higher, closing at $2930.
Shanghai aluminum opened high and closed at 20860
in the night session.
Shanghai aluminum trading positions are relatively stable, and the market sentiment is optimistic
.
Europe's energy problems continue, aluminum fundamentals improve, and the future market may continue to fluctuate upward with aluminum in the future
.
Upper pressure 22000, lower support 19000
.
On the fundamental front, domestic social stocks fell by 23,000 mt from last week to 776,000 mt
this week.
On the supply side, due to the impact of winter power supply, the output of the main producing areas is limited, and it is expected that there will be a significant increase before February, and the aluminum ingot will continue to be in shortage; European energy prices are high, and an aluminum plant in Spain announced the closure of 220,000 tons/year production capacity; On January 3, the Indonesian government issued a ban on January coal exports, which could tighten domestic coal supplies
again.
From the fundamentals, aluminum prices are expected to gradually peak.
