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Aluminum prices were weak and volatile
yesterday.
On the first day after the holiday, Shanghai aluminum maintained a weak operating state, and the spot market was generally traded driven by the overall sentiment of aluminum prices
.
The monthly PMI index of domestic aluminum downstream processing recorded 49.
1% in March, an increase of 19.
8% month-on-month and a year-on-year decrease of 14.
1%.
In March, the aluminum processing industry as a whole was not as good as in previous years, mainly due to the sudden epidemic in many places and the high price of aluminum, and the domestic downstream aluminum processing enterprises did not start work as well as previous years
.
At present, European energy prices are at a high level, and concerns about electrolytic aluminum production reduction still exist
.
Domestically, the operating capacity of electrolytic aluminum has increased slightly, and it is expected that the domestic electrolytic aluminum operating capacity will reach more than 40 million tons in April, and the output will be released
in the future.
In terms of consumption, downstream consumption has just needed a seasonal slow recovery, and the operating rate of aluminum profiles and aluminum plates, strips and foils has rebounded, but the current outbreak of the epidemic in various places may suppress demand
.
In terms of inventory, on April 6, the domestic aluminum ingot inventory was 1.
054 million tons, 13,000 tons
more than before the holiday.
LME aluminum inventories fell by 3,450 tonnes from the previous session to 619,900 tonnes
on April 6.
Social library data shows that inventory has accumulated slightly, a large number of aluminum ingots are not stored in time, and the reduction in logistics efficiency directly leads to the weakening of aluminum ingots and aluminum rods, and it is expected that short-term logistics will still be difficult to alleviate
.
In terms of price, it is necessary to continue to pay attention to the progress of domestic electrolytic aluminum production and the recovery of downstream demand, the recent development of the epidemic has caused certain interference to transportation and procurement, but the low level of inventory at home and abroad has supported the price, it is recommended to treat it unilaterally in the short term, and pay attention to the impact
of news on prices.
