Shanghai aluminum main force rises market demand performance is better

Supply-side smelter profits remain high, industry capacity will be further released in December, alumina industry operating rate continues to rise, and the supply side is weak
in the fourth quarter.
On the demand side, the terminal demand for domestic automobiles, photovoltaics and household appliances is strong
.

In terms of stocks, LME stocks were dematerialized by 5,900 tons to 1,368,100 tons yesterday, 11,718 tons to 220,400 tons last week, and warehouse receipts fell 275 tons to 86,702 tons
.
According to the data on November 30, the social stock has decreased sharply by 14,000 tons compared with the statistics on November 26 to 597,000 tons, and the social stock has continued to deteriorate
.
On the whole, the domestic electrolytic aluminum social inventory is at a low level in the historical year, which forms a strong support
for the price.

Overall, in terms of raw materials, alumina prices fell slightly, and the profits of the electrolytic aluminum industry rose slightly, and production profits are still in a high position from a historical perspective
.
On the demand side, China's downstream automotive and infrastructure data performed strongly in October, indicating that China's economy maintained its recovery momentum and domestic market demand performed better
.

In the future, the supply side with the acceleration of aluminum enterprise investment and production, the supply side capacity is further released, while the downstream start remains stable, the new production capacity in December further released to form a certain suppression of electrolytic aluminum prices, limiting the upward momentum of aluminum prices, but China's low social inventory still supports aluminum prices
to a certain extent.