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Overnight, Shanghai aluminum 2202 closed at 20860, up 210, LME aluminum closed at 2930, up 18; On the macro front, the minutes of the Fed's December meeting show that interest rates can be raised earlier, the rate hike can be faster, and the speed of balance sheet reduction can exceed the previous round of balance sheet reduction cycle
.
In terms of fundamentals, SMM stocks on the 6th reported 776,000 tons, down 23,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 130,500 tons, an increase of 34,000 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 resumption of electrolytic aluminum production in Yunnan has basically stopped due to electronic supply, and the pressure of limiting electrolytic aluminum production in the Northern Winter Olympics is not large; European natural gas prices have soared, and many European aluminum plants such as Hydro and Alcoa have begun to reduce production, and more capacity may join the production cut
.
The 14th Five-Year Plan of Yunnan Province requires accelerating the promotion of electrolytic aluminum projects under construction to be put into operation as soon as possible; Guangxi encouraged electrolytic aluminum enterprises to accelerate production and resume production
in the first quarter.
East China spot performance is still strong, inventory dematerialization is relatively fast, South China due to the increase in profile shutdown, demand into the off-season
.