Shanghai aluminum is still weak downward behavior The main rebound height or limited

In terms of spot, the transaction price in the Guangdong market is concentrated at 13370-13380 yuan / ton, and the price difference between Guangdong and Shanghai has widened to around
40 yuan / ton.
Last week was the first week of spot trading after the Spring Festival, the number of traders signing long orders increased, and a small number of downstream processing enterprises resumed work, but the procurement efforts were very weak, still dominated by middleman trading, and a small number of transactions were traded at 13370 yuan / ton, and most of them were traded at 13380 yuan / ton
.
On the whole, the market transaction is average
.
On the whole, the downstream has not yet picked up, and inventories have increased, which is bearish for aluminum prices
.

On Friday, LME aluminum rushed back down, and LME aluminum stocks fell by 6,900 tons to 1.
267 million tons
.
Spot discount 20 yuan / ton ~ liter 20 yuan / ton
.
Traders are trading actively, and market trading is improving
.
In 2018, the export volume of aluminum alloy wheels reached a new high
.
China's aluminum exports hit a record
in January.
On February 14, the national aluminum ingot social inventory increased by 84,000 tons from the same Monday to 1.
576 million tons, and the cumulative inventory increased by 254,000 tons
in the week after the Spring Festival.

In January 2019, China's exports of unwrought aluminum and aluminum reached a record 552,000 tonnes
.
China recycled 5.
1 million tonnes of aluminum scrap in 2018, up 1%
from 5.
05 million tonnes in 2017.
Indonesia plans to impose a 22% protective tariff
on aluminum foil.
Russia will take anti-dumping measures
against Chinese aluminum alloy wheels.
Hydro produced 786,000 tonnes of alumina in the fourth quarter, down 54%
year-on-year.
RUSAL's annual bauxite output in 2018 was 13.
847 million tons, an increase of 18.
91%
year-on-year.
RUSAL restarts Guinean alumina plant Alumina production in 2018 was flat
year-on-year.

Pay attention to the accumulation of social inventory of aluminum ingots in February, if it is less than the same period of previous years, you can make a wave of rebound on the dip, if not, aluminum prices continue to be weak
.
Later, it is also necessary to pay attention to the decline in bauxite and alumina prices, and under the active destocking cycle, the general direction of aluminum prices is still dominated by weak downward behavior, so the rebound height or limited
.