Non-ferrous metals are under short-term pressure and the overall performance of aluminum prices is volatile

On the macro front, there were signs of tightening the domestic currency at the beginning of the week, the central bank's net withdrawal of funds, and the member's speech was hawkish, forming a certain bearishness
.
At the same time, fundamental inventories returned to increase, aluminum prices came under pressure downward, but Thursday's inventory data showed that mid-week inventories did not continue to decline, arrivals were still not ideal, aluminum prices rebounded
.

Mid-week aluminum ingot stocks recorded 682,000 tons, an increase of 13,000 tons week-on-week, although the overall accumulation of inventories, but Thursday still showed a slight decline from Monday, aluminum ingot transportation is still the main impact
.
From the perspective of processing, the operating rate of aluminum continues to decline, industries with poor orders such as building profiles and cables began to enter the holiday, and the pre-holiday stocking situation also showed differentiation, and more companies will enter the holiday next week, and the operating rate will further decline
.
On the supply side, the growth of electrolytic aluminum operating capacity began to slow down due to the construction plan, but the production capacity released in the early stage continued to increase, and the source of early imports is currently accumulating in the bonded zone, and the inventory continues to increase
.

Based on the main contradiction of inventory change transactions, the transportation margin has improved slightly while demand continues to decline, and the certainty of large accumulation caused by subsequent arrivals is high, but next week into the delivery week, inventory is temporarily difficult to accumulate significantly, from the near weekend of the change in the structure of the plate is also slightly one or two, the price or affected by this has rebounded, short-term recommendations wait and see
.

The delay in the EU's new crown vaccination dragged down the progress of the economic recovery in the euro area, the dollar index continued to rebound, and non-ferrous metals were briefly under pressure
.
On Monday, data showed that the social inventory of electrolytic aluminum rose again to more than 700,000 tons, and aluminum prices continued to rise without being affected by the rise in inventory, and the short-term bottom of Shanghai aluminum was confirmed
.
The operating rate of aluminum products has declined, downstream processing enterprises have entered a holiday state, and subsequent electrolytic aluminum consumption will continue to weaken, paying attention to the accumulation space
of Shanghai aluminum.
It is expected that the Shanghai aluminum shock operation will be dominated
by the previous year.