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Overnight, Shanghai aluminum fluctuated
in a narrow range.
The social inventory of aluminum ingots on Monday increased by nearly 2.
5 tons from last Thursday, mainly reflected in Gongyi
.
Inventories in East and South China continued to decline, and the expectation difference shifted 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 of stocks is expected to accelerate, capital rush market shipments may increase, Shanghai aluminum still has the risk of falling, it is recommended to do a good job of preserving value before the holiday, speculation temporarily wait-and-see
.
In terms of the market, China's Caixin manufacturing PMI fell to 51.
5 in January, but it was in the expansion range for the ninth consecutive month, the economic momentum weakened but still recovering, with the end of stocking and the recovery of transportation, short-term accumulation may accelerate, and spot aluminum prices are expected to rise or fall little
today.
At present, the fundamentals of the aluminum market are still relatively weak, the spot premium is transferred to the discount, the downstream receiving is weakening, and the market transaction is average; According to the survey, most small and medium-sized processing enterprises have a holiday time concentrated in early February, and the operating rate of downstream enterprises may decrease again after entering February, and enterprises are relatively optimistic about the order demand
after the holiday.
In the future, the accumulation before the holiday is more certain, and the trend of aluminum prices is weak in the short term, but traders are more willing to hold prices, and it is expected that the aluminum price will fluctuate
in the future.
