Shanghai aluminum followed the recovery and continued to consolidate at a high level

In terms of macro, the carbon neutrality policy is expected to land, the dual control policy of energy consumption in Inner Mongolia continues to deepen, and the production of electrolytic aluminum in Baotou bears the brunt;

In terms of fundamentals, on the 11th, the inventory was reported at 1.
228 million tons, an increase of 55,000 tons from last Thursday, and the accumulation gradually slowed down; During the same period, the steel union statistics aluminum rod inventory of 265,000 tons, down about 15,000 tons from last Thursday, aluminum rod instead of aluminum ingot relative advantage is significant, aluminum rod inventory is significant; aluminum prices fluctuate sharply, spot upstream and downstream fell into a tug-of-war, downstream just need to be traded, spot premium is weak; January to February unforged aluminum and aluminum exports 840,000 tons, December 456,000 tons
.

Recently, the supply side has been disturbed by the "carbon emission" policy, and demand is gradually recovering, destocking is coming, aluminum prices still have impulsive energy, but due to macro interference, aluminum price fluctuations increase, downstream procurement willingness is suppressed, and the later focus is on whether consumption cashing comes as
scheduled.
If demand is less than expected, coupled with the rise in U.
S.
bond yields, aluminum prices may have a high correction in the later stage
.
Aluminum price volatility increased, chasing higher cautiously
.