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Overnight, Shanghai aluminum continued to fluctuate
at a high level.
Recently, the cost of alumina and electricity has risen significantly
.
Domestic production cuts are still likely to expand, the impact on consumption is intensifying, and inventories are still in a state
of continuous accumulation after the holiday.
Energy shortages at home and abroad have brought strong support to aluminum prices, but weaker consumption has also limited the rate of growth, and Shanghai aluminum is expected to remain high and volatile
.
The amplitude of the Shanghai aluminum plate expanded, the spot market was mixed with a variety of quotations, the price difference between Wuxi Foshan continued to widen, and the downstream still needed to be purchased as the mainstay, and the transaction was relatively cold
.
In terms of processing fees, yesterday's aluminum rod processing fee was slightly reduced by 20 yuan / ton in Henan, and increased by 40-80 yuan / ton in other regions; Aluminum rod processing fees continued to hold steady; The processing cost of aluminum alloy has risen steadily, the price of ADC12 series and A380 has remained stable, and the price of A356 and ZLD102/104 has been reduced by 50 yuan / ton
.
In terms of inventory, the current inventory level rose to 887,000 tons, and the overall accumulation rate rebounded, with Wuxi's South China Sea contributing the main increase
.
In terms of fundamentals, both the supply and demand ends have been affected to varying degrees, and the production reduction on the supply side is relatively more significant than the decline in the demand side, and the downward space of aluminum prices is limited
.
The current global energy crisis situation is intensifying, the market is worried about the shortage of aluminum supply, the bulls' confidence performance is strong, coupled with today's strong capital entry led to a sharp rise in copper and zinc, affected by this, Shanghai aluminum performance has also recovered, but the performance in the non-ferrous color is behind
.
Short-term aluminum prices will maintain high range volatility, pay attention to the fluctuation range of 23200-24000 yuan, overall, the current aluminum price belongs to the high volatility range, it is appropriate
to do more on the low.
