Shanghai aluminum afternoon review on December 24

Fundamentals, SMM inventory on the 23rd reported 864,000 tons, down 46,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 89,000 tons, an increase of 5,000 tons from last Thursday; November unwrought aluminum and aluminum exports were 509,300 tons, an increase of 29,700 tons, imports were 397,900 tons, an increase of about 101,000 tons, of which primary aluminum imports were about 230,000 tons, an increase of about 90,000 tons; the pressure of power rationing was eased, Yunnan electrolytic aluminum started to partially resume production, and the pressure of electrolytic aluminum production in the Northern Winter Olympics was not large; alumina prices continued to fall, costs accelerated and electrolytic aluminum profits were quickly repaired; Gongyi premium gradually recovered , Foshan and Wuxi due to the sharp rise in aluminum prices, spot discount expanded
.
European natural gas prices have soared, and many aluminum plants in Europe have begun to reduce production, and more capacity has joined the cut
.

Due to the contradiction between Russia and Europe, Nord Stream 2 natural gas supply was suspended, and an energy crisis broke out, but it also prompted other regions to increase the supply of natural gas to Europe, and short-term market risks fluctuated greatly; The demand for replenishment before the holiday is strong, and the destocking is relatively fast, but it is close to the holiday, the consumption off-season, the spot discount is large, the upward resistance is greater, and the short-term risk is greater
.