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Shanghai aluminum fell
slightly overnight.
Recently, the fundamental changes in the aluminum market have been limited, the spot discount has narrowed slightly, the inventory of aluminum ingots and aluminum rods has decreased slightly at the beginning of the week, and the outbound warehouse has picked up
.
At the end of the year, inventories have room to fall, but it is difficult to return to low levels
.
Market sentiment is constantly disturbed by macro factors, Shanghai aluminum holdings continue to decline, capital willingness to enter is weak, Shanghai aluminum or continue to fluctuate
.
From a fundamental point of view, aluminum still maintains a weak supply and demand, and there is no strong upward drive
for the time being.
On the supply side, some electrolytic aluminum smelters have plans to resume production, and the supply may be further relaxed
.
In terms of demand, the operating rate of primary processing enterprises remained stable under the background of the off-season, orders were flat, and the impact of the Winter Olympics on the operation of processing enterprises was greater than that of electrolytic aluminum smelters; Terminal demand market, real estate sector policy bottomed, sentiment repair, but fundamentals still have room to explore, and the north into the winter real estate plate seasonally weakened, in addition, the shortage of automotive cores is alleviating, but this year still cannot be solved
temporarily.
In terms of inventory, the domestic social treasury has recently destocked, and LME inventories have continued to decline, and are now at a low level since 07, giving strong support
to aluminum prices.
It is expected that short-term aluminum prices may still be dominated by shock operation
.
