Rapid accumulation of inventory after the holiday Aluminum price shock adjustment

In terms of the market, the midstream is actively shipping, and the downstream fear of heights is serious, and the receiving of goods is not active
.
Although the higher aluminum prices after the holiday have dampened some procurement demand, the recovery of real demand is expected to be reflected
soon in spot and inventory in the context of the upcoming start of the consumption season.

At the macro level, the effect of global vaccine trials has improved, and the impact of the epidemic is expected to further weaken.

The consequences of global central banks joining hands to release water began to appear, and the flood of currencies caused global risk assets to rise in turn, and commodity leaders such as copper and crude oil rose
to varying degrees.

During the Spring Festival and after the holiday, the accumulation of aluminum ingots totaled 300,000 tons, and the accumulation range was large, but the total domestic aluminum ingot inventory was only 1.
1 million tons, which was at a low level in the past three years, and the current proportion of aluminum ingot casting was low, and the range of seasonal accumulation was limited, and the end point of this round of accumulation is expected to be between
125-1.
3 million tons.

From the perspective of industry fundamentals, inventory accumulated quickly after the holiday, and the overall was much lower than the historical average
.
From the perspective of futures, Hulun aluminum quickly rushed up to an important high point of resistance, and was blocked to fall
to varying degrees.
Next week's aluminum price is expected to fluctuate and adjust
.