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Shanghai aluminum rebounded
slightly overnight.
On Monday, the spot discount narrowed to around 80 yuan, and the total social inventory of aluminum ingots and aluminum rods fell by 20,000 tons from last Thursday, and the outbound volume rebounded
for two consecutive weeks.
The operating capacity of electrolytic aluminum fell to around 37 million tons, consumption picked up slightly, and the year-end inventory has room to decline but will still be significantly higher than last year's level
.
Short-term Shanghai aluminum is still treated
as a range shock in the previous period.
At the macro level, Federal Reserve Chairman Jerome Powell was nominated for re-election, and the US index rose overnight, which will suppress
the colored sector.
Fundamentally, on November 22, Yunnan Aluminum Co.
, Ltd.
issued the "Announcement of Yunnan Aluminum Co.
, Ltd.
on the leakage of electrolytic cells of wholly-owned subsidiaries"
.
The content of the announcement confirmed the accident of Yunnan Wenshan Aluminum 1628 electrolyzer leakage furnace and caused a series of shutdowns
.
However, after the incident, the company immediately activated the emergency plan, orderly rescue and disposal, and the device will begin to resume production
with electricity on the 22nd.
Due to the immediate start of the resumption of production, the supply side was limited
to the impact of this accident.
In terms of demand, the bottom of real estate policy may have emerged, but it will take time for the fundamentals to bottom, and the overall downward expectation is still relatively clear, and we believe that the problem of automotive core shortage is difficult to solve
in the short term.
The main consumer terminals are weak, the supply side has not been greatly disturbed, and the rebound of aluminum prices is limited, and it is expected that the short-term trend will still be dominated
by shocks.
