March 20 Shanghai aluminum morning review

In terms of news, Shanxi closed some bauxite mines, which may lead to the resumption of alumina production less than expected
.
Moreover, the captive power plants in Shandong will be rectified and cleaned up after the heating season, which will affect the electricity cost of electrolytic aluminum with a high probability; In addition, although the social inventory of aluminum ingots has increased, the growth rate has slowed down, indicating that consumption has slowly improved, and the downward space of aluminum prices is limited
.
At this stage, the high inventory pressure of electrolytic aluminum is the main factor suppressing aluminum prices, and the market is waiting for the arrival of the downstream demand season to digest the emergence of the inflection point of electrolytic aluminum inventory inventory is the time to enter the
market.
It is expected that aluminum prices will still show a volatile trend, so it is recommended that Shanghai aluminum new orders wait and see
.

Overnight, the main Shanghai aluminum increase once exceeded 2,000 lots, but closed at 986 lots, indicating a cautious wait-and-see attitude of long and short, Monday inventory only slightly increased positions, let the market readjust consumer views and expectations, or will wait for further changes in inventories on Thursday, the following 5-day moving average tends to converge to the 10-day moving average, and is expected to run 13950~14080 yuan / ton
within the day.
Spot discount 160~120 yuan / ton
.