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On Monday, Shanghai aluminum continued to pull back and sort out
.
In the previous stage, driven by the shortage of supply, the price of Shanghai aluminum soared, and the surge in aluminum inventory last Thursday interrupted the market's speculation enthusiasm for tight aluminum supply, coupled with the expectation of tightening monetary policy by the Federal Reserve, suppressing the trend of non-ferrous metals, so that the long position increased and the high level of Shanghai aluminum fell
.
Under the long-short game, the long shadow doji line
was recorded.
After the market sentiment gradually calms down, the focus still needs to return to fundamentals
.
On the macro front, the Fed's expectation of accelerating policy tightening, market risk aversion heating up, non-ferrous metals collective pressure, and last week's surge in aluminum inventories disturbed market sentiment, Shanghai aluminum showed a pullback, however, the current aluminum fundamentals are still tight
.
On the supply side, there is no large increase in the supply side of aluminum
.
Overseas energy problems have caused high electricity prices in Europe, and electrolytic aluminum production is still suppressed
.
Domestically, although smelter production resumed and production increased after the holiday, SMM said that the total operating capacity was lower than the same period last year
.
In addition, the outbreak of the epidemic in Guangxi Baise last week is still under control, which still affects the production and transportation of electrolytic aluminum
.
In terms of demand, the performance is weak under the influence of the Winter Olympics and environmental protection, and most of them are mainly based on just-needed procurement
.
SMM learned that the domestic downstream resumption of work in the first week after the Spring Festival holiday is relatively scattered, most aluminum processing enterprises in the northern region resumed work late, and Shandong, Hebei and Henan were controlled by environmental protection policies, and short-term production was slow
.
In terms of inventory, last week's aluminum ingot social library continued to accumulate, SMM statistics domestic electrolytic aluminum social inventory of 994,000 tons, 45,000 tons from last Thursday, the three places contributed the main increase, of which Wuxi accumulated 28,000 tons, Gongyi accumulated 11,000 tons, South China Sea accumulated 8,000 tons; Hangzhou, Tianjin, Linyi regions were flat; Shanghai and Chongqing each destocked 01,000 tons
.
At present
, the market is greatly affected by macro sentiment.
Concerns about short-term domestic and foreign supply-side interference still exist, which maintains some support for prices, but the current stockpile also has a restraining effect
on prices.
Short-term aluminum prices or high volatility
.
