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The trend of non-ferrous metals in the overnight futures market diverged, and the performance of Shanghai aluminum continued to fluctuate
steadily.
On Tuesday, domestic commodities continued to rebound, and non-ferrous metal varieties except tin rose sharply, and as of the close, Shanghai aluminum futures Al2103 reported 15865 yuan / ton, up 1.
21%.
The price of Chinalco East China AOO aluminum ingots was 15,740 yuan / ton, up 160 yuan
.
The accumulation of social inventory of aluminum ingots is still continuing, and downstream consumption continues to be weak, but the accumulation range is lower than market expectations; Spot performance is weakening, the market is mainly wait-and-see on the last trading day before the holiday, and spot aluminum prices are expected to fall
today.
With the Spring Festival long holiday approaching, the domestic market has entered a holiday atmosphere, and the nonferrous spot market has shown obvious off-season characteristics, but the nonferrous sector has bottomed out, showing the signs
of opening ahead of the spring industry holiday 。 In fact, since the beginning of this year, the risk appetite of the global financial market has been frequently switched, and the recent global asset prices, especially the stock market and commodities, have intensified, and the "pro-cyclical" varieties led by copper and aluminum are limited by the weakening of supply and demand in the traditional off-season in the uncertainty of the previous macro expectations, but considering that the 2021 on-site New Year is expected to bring forward the resumption of production and work of nonferrous downstream enterprises, and the central new energy policy and carbon inflection point carbon neutrality goal are being promoted by local governments on the eve of the two sessions this year.
For example, a few days ago, China's traditional heavy industry base Inner Mongolia has emphasized the cancellation of nonferrous steel and other high-energy-consuming industries electricity preferential and the development of new energy, local medium and long-term policy planning has turned to the impact on nonferrous and other commodity markets more far-reaching impact, it is expected that if the Spring Festival macro does not have a major setback, copper and aluminum after a sharp shock since January will usher in the spring rebound opportunity
under the expectation of major domestic industry policies.
