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This week, Shanghai aluminum showed a narrow range, and the main 2103 contract closed at 15290 yuan, down 20 yuan
for the week.
After a sharp decline in the last two weeks, Shanghai aluminum temporarily stabilized
on the support of the 60-day moving average.
Electrolytic aluminum social stocks totaled 664,000 tons on Thursday, an increase of 51,000 tons
from last Thursday.
Electrolytic aluminum social inventories increased sharply this week, mainly due to the increase in the arrival of aluminum ingots in the consumption area, while shipments weakened
due to the holiday.
At present, the Spring Festival holiday is getting closer and closer, and the inventory of electrolytic aluminum is likely to increase further, and the strength of accumulation will determine the decline in aluminum prices
.
On Friday, the processing fee of the mainstream market of domestic aluminum rods weakened overall, and the processing fee of the northern market did not change much
.
Due to the rise in aluminum prices, the downstream receiving sentiment is more weak, the sentiment of cargo holders is higher, and the processing fee is weak, but the shipment effect is still not satisfactory
.
At present, the downstream wait-and-see mood is serious, the enthusiasm for receiving goods is poor, and the market reacts that aluminum rods are shipped in containers, and the trading is light
.
According to the statistics of the China Association of Automobile Manufacturers, the sales volume of the automotive industry in December 2020 is expected to reach 2.
802 million units, an increase of 1.
2% month-on-month and a year-on-year increase of 5.
4%.
The automotive industry still maintains a good growth momentum, and the bright spot in the future is likely to be in the new energy automobile industry
.
At present, road transportation has been blocked in Hebei due to the epidemic, and the main impact is the transportation
of pre-baked anodes.
According to SMM, there are two pre-baked anode enterprises in Shijiazhuang City, involving a production capacity of 480,000 tons, and the current production of the enterprise has not been affected for the time being, and the transportation needs to be suspended until the 9th, and whether it can be resumed after that depends on the epidemic
.
Due to the New Year's Day holiday, the social inventory of electrolytic aluminum has rebounded this week, and it is more likely that the inventory will continue to increase as it approaches the Spring Festival holiday
.
The spread between Shanghai aluminum futures contracts has further narrowed this week, and the spot premium has continued to weaken
.
Recent inventory changes are still the key to affecting aluminum prices, and if inventories continue to increase, aluminum prices are likely to continue to decline
.
