Non-ferrous metals rebounded to varying degrees, and aluminum prices were volatile and consolidated

In the spot market, the activity of holders in the market has gradually increased, and the intensity of shipments has increased, but the downstream transaction has not seen a significant improvement
.
In terms of operating rate, due to the lifting of power cuts in areas where processing enterprises are concentrated after the eleventh day, such as Jiangsu, Zhejiang, Shanghai and Henan, the downstream operating rate has steadily rebounded, and the average operating rate of the downstream processing industry has risen to 65.
8%, and the performance is prominently concentrated in the aluminum plate, strip and foil and aluminum profile industry operating rate is expected to rise to around
80% at the end of November.

In terms of inventory, exchange inventory, the LME maintained the rhythm of destocking, this week destocking 29,000 tons to 952,900 tons; the pace of Shanghai aluminum accumulation has slowed down, this week accumulated 15,000 tons to 323,200 tons
.
In terms of social stocks, alumina stocks this week were significantly destocked by 50,000 tons to 265,000 tons, and the inventory level was only higher than the level of the same period in 2019, at a historical low; the inflection point of electrolytic aluminum social storage temporarily appeared and returned to the rhythm of accumulation, accumulating 31,000 tons to 1.
038 million tons this week, of which Wuxi and Gongyi regions contributed the main increase, and the South China Sea region continued to destock.

The pressure of energy consumption in various places in winter has become the focus of market attention, and the northern blizzard climate will also hinder transportation, and the trend of continuous supply contraction is basically established
.
Due to the continuous decline in real estate data and the lack of automotive cores, the terminal demand for aluminum has been dragged down to a greater extent, and it is expected that the impact of the demand side reduction will exceed the supply side
.
At present, the lack of consumption recovery and the off-season cycle, the return of the aluminum ingot social library to the accumulation situation, coal regulation caused by cost collapse concerns and other pressures, the market performance in the off-season cycle is more pessimistic
.
Recently, bears have continuously increased their positions, and it is expected that Shanghai aluminum as a whole may show weak shocks
in the future.