Shanghai aluminum performance is strong, showing a trend of volatility and rise

Domestic electrolytic aluminum social stocks totaled 901,000 tons on Thursday, an increase of 126,000 tons from last Thursday, with Wuxi, Nanhai and Gongyi contributing major increases
.
At present, it is in the traditional accumulation stage, and the accumulation during the Spring Festival is not as much as the market expects
.
LME aluminum stocks totaled 1.
361 million mt on Thursday, down 24,000 mt
from last Thursday.

On Friday, spot A00 aluminum ingots discounted the current month's contract by 20 yuan / ton to 20 yuan / ton, up from before the Spring Festival
.
At present, because downstream processing enterprises have not fully resumed work, the market trading situation is relatively cold, and the transaction is dominated by intermediate traders, and the willingness of downstream enterprises to buy is not strong
.

At present, the window for imported aluminum ingots is closed, and the short-term inflow of aluminum ingots is dominated by long-term imports, but the scale will be greatly reduced, and the subsequent restart of the aluminum ingot import window will depend on the rebound of domestic prices
.

During the spring, the rise in electrolytic aluminum social inventory was less than market expectations, and the overall inventory was at a low level, and the high point of accumulation may appear at the end of
February.
At present, the aluminum inventory of downstream processing enterprises is still small, and there is a demand
for replenishment.
In addition, it is understood that some large middlemen are receiving spot, which speculates that the back price difference between Shanghai and aluminum contracts is more likely to widen, and investors can pay attention to the arbitrage opportunity
to buy near months and sell far months.