Macro expectations are good, aluminum prices are temporarily supported

Today, Lun aluminum fluctuated higher, LME three-month aluminum Beijing time at 15:00 at 1998 US dollars / ton, up 9.
5 US dollars, or 0.
48%,
from the previous trading day's settlement price.

In terms of the market, today's spot trading price of Yangtze River is 15010-15050 yuan / ton, up 260 yuan; Guangdong South Reserve reported 14970-15030 yuan / ton, up 250 yuan; Hua reported 15110-15130 yuan / ton, up 270 yuan
.
The enthusiasm for receiving goods is good, the enthusiasm of large households to receive goods is acceptable, and the transaction performance is
acceptable.

Industry news, according to data from the International Aluminum Association (IAI), global primary aluminum production in 2020 was 65.
27 million tons, an increase of 2.
53%
from 63.
66 million tons in 2019.
Global primary aluminum production in December rose 4.
2% year-on-year to 5.
67 million mt
.

The global primary aluminum market was oversupplied by 2.
081 million mt from January to November 2020 and 448,000 mt
for the whole of 2019, according to the latest report released Wednesday by the World Bureau of Metal Statistics (WBMS).
From January to November, the demand for primary aluminum was 59.
11 million tons, down 583,000 tons from the same period in 2019
.

At present, the demand side is 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 may continue to increase the willingness
of upstream aluminum enterprises to cast ingots.
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
.
It is expected that aluminum prices will still be range-bound, and it is appropriate
to continue to wait and see.