Market demand performance is better, and the main force of Shanghai aluminum fluctuates upward

Macroscopic, on November 15, China, Japan and South Korea and other 15 countries signed RCEP, the regional economic cooperation agreement covers 1/3 of the world's population, the conclusion of RCEP will promote regional economic integration and coordinated development, promote regional trade freedom and global economic and trade cooperation in the context of the global economic and trade environment, China's a number of macroeconomic data recently released, strong performance will promote aluminum prices to continue to rise
.
The Pfizer vaccine has applied for emergency authorization in the United States, and the first batch of vaccines is expected to be released
on the US market in mid-December.
Last week, General Secretary Xi Jinping called Biden to congratulate him on becoming the next US president
.

On the supply and demand side, the profits of supply-side smelters remained high, the industry's production capacity will be further released in November, the operating rate of the alumina industry continued to rise, and the supply side was weak
in the fourth quarter.
Demand side: Domestic terminal demand for automobiles, photovoltaics and household appliances is strong
.

In terms of stocks, LME stocks were destocked by 5,225 tons to 1,378,000 tons yesterday, compared with 11,718 tons to 220,400 tons last week, and warehouse receipts fell by 1,224 tons to 93,686 tons
.
According to the data on November 26, the social stock decreased by 07,000 tons compared with the statistics on November 23 to 611,000 tons, and the social stock continued to remain low
.
On the whole, the domestic electrolytic aluminum social inventory is at a low level in the historical year, which forms a strong support
for the price.

Overall, in terms of raw materials, alumina prices fell slightly, and the profits of the electrolytic aluminum industry rose slightly, and production profits are still in a high position from a historical perspective
.
On the demand side, China's downstream automotive and infrastructure data performed strongly in October, indicating that China's economy maintained its recovery momentum and domestic market demand performed better
.

In the future, the supply side with the acceleration of the resumption of production by aluminum enterprises, the production capacity of the supply side is further released, while the downstream start remains stable, and the new production capacity in November further releases a certain suppression of the price of electrolytic aluminum, limiting the upward momentum of aluminum prices, but China's low social inventory still supports aluminum prices
to a certain extent.