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Overnight, Shanghai aluminum fluctuated
at a high level.
LME aluminum inventories increased sharply last week, but due to the strong price of the internal market, the inventory change did not have a great impact
.
Baotou dual-control production limit document announced, affecting the production capacity of 430,000 tons, the absolute amount affected less than 30,000 tons, but this incident is a continuation of the Mengdong production restriction incident, the market is worried that the event may affect other thermal power and aluminum provinces, and eventually have a greater impact
on supply.
From the supply side, the market began to benchmark the trend in 2017, forming a strong support
for aluminum prices.
In addition, aluminum social inventory is nearing the end, which is also another reason for
the market's optimism.
However, the expansion of aluminum ingot import profits shows the domestic willingness to raise prices, and the impact on aluminum ingot imports is obvious, and the import volume is expected to rise
significantly.
In terms of demand, from the perspective of processing fees and enterprise orders, high aluminum prices are not smooth downstream, downstream high-price procurement resistance is strong, the market has also entered the game stage of forcing downstream procurement, spot is not willing to raise prices, and the discount is increased
.
Overall, the market's conceptual speculation supports aluminum prices, but the fundamentals are slightly constrained, and short-term aluminum prices are still strong
.
