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Metal futures rebounded slightly on Tuesday, and as of the close of the day, Shanghai metals were mixed, of which Shanghai aluminum fluctuated at a low daily low, closing down 0.
56%, and recovered at the opening of the night
.
In terms of news, according to customs data, the import volume of unwrought aluminum alloy in November 2021 was 119,500 tons, an increase of 22% year-on-year and 1.
3%
month-on-month.
In November 2021, the export volume of unwrought aluminum alloy was 12,000 tons, a year-on-year decrease of 40.
6% and a month-on-month increase of 9.
8%.
Official data released on Friday showed China's November alumina production fell 4.
5 percent from a year earlier to its lowest level in 18 months
.
Fundamentally, the resumption of production progress of enterprises in Yunnan is relatively slow, the dual control policy of energy consumption still suppresses the resumption of electrolytic aluminum production capacity, and factors such as environmental protection inspectors and the Winter Olympics have increased the risk
of production reduction for electrolytic aluminum enterprises.
Overseas, European electricity prices are high, energy problems still exist, and the epidemic prevention measures in various countries have become stricter, and the risk of reducing production shutdowns has increased
.
On the cost side, with the price of alumina falling back to 3,000 yuan / ton, and the decline in the price of pre-cultivated anodes, electrolytic aluminum smelting enterprises have returned to profitability
.
On the consumer side, the holders were bearish on price adjustment shipments, the receivers were low and less collected, and the overall transaction was flat
.
Recently, the operating rate of downstream processing enterprises has continued to rise, and the willingness of downstream replenishment to catch up with orders at the end of the year is strong, and the performance of the consumer side is stable, but the Spring Festival off-season is coming, and the downstream has successively suspended work during the holiday, and the demand may weaken
in the later period.
In terms of inventory, aluminum ingots are destocked
.
In terms of price, the current aluminum market fundamentals are relatively stable, and the overall pattern of tight supply and demand continues to continue, and aluminum prices are expected to fluctuate
at a high level.
