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Overnight, Shanghai aluminum fluctuated in a narrow range in the previous shock range
.
On Monday, the social inventory of aluminum ingots increased by nearly 2.
5 tons from last Thursday, and the inventory in East and South China continued to decline, and the difference in expectations changed market sentiment, and the Shanghai aluminum structure turned back again
.
Market consumption is resilient, but with the end of Spring Festival stocking and the recovery of transportation, the accumulation is expected to accelerate, and Shanghai aluminum still has the risk of falling.
Japan's Marubeni Corporation said that as of the end of December 2020, the aluminum inventory of the three major ports increased at the same time, with the total amount increasing by 5.
1% over the previous month; Domestic social inventories of aluminum ingots and aluminum rods continue to accumulate, highlighting market supply pressure, and spot aluminum prices are expected to fall
.
The domestic Lunar New Year is approaching, and downstream consumption continues to slow down
.
Domestic Shanghai aluminum still maintained consolidation around 15,000 yuan / ton
.
Although the Spring Festival accumulation is still expected
.
However, this year, China encourages local New Year celebrations, resulting in less accumulation than in previous years, and there are still great expectations
for the improvement of downstream operating rates after the Spring Festival.
However, we still believe that the local New Year celebration will lead to the weakening of the Spring Festival effect, or the peak season of construction in March and April, and the destocking will also be less than in previous years
.
