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Yesterday's Shanghai aluminum main 2202 contract opened high at 20350 yuan / ton in the morning, fell slightly at the beginning of the session, and then the overall high of the market trend fluctuated, the highest point of the day 20390 yuan / ton, the lowest 20200 yuan / ton, and finally closed at 20380 yuan / ton, up 135 yuan / ton, or 0.
67%.
In terms of the market, after New Year's Day, the downstream of East China participated in part of the replenishment and stocking, coupled with the continuous decline in aluminum ingot inventory in East China, it was difficult to make up for the increase in demand in the short term, and the continuous destocking forced the spot discount to narrow significantly, and the morning transaction was concentrated near
the flat water of the month.
The actual transaction in the Central Plains was around 80 yuan / ton in the month, and although the downstream participation existed, the procurement intensity was weaker than that in the East China market, and the discount was slightly expanded compared with yesterday, and the transaction in the Central Plains was concentrated at 20200-20240 yuan / ton
.
In terms of news, European production cuts are still expected, including Hydro, Trimet, Alcoa and other electrolytic aluminum production capacity is expected to reduce production by more than 800,000 tons, which supports LME prices, and the morning external trend is still firm above $2830 / ton, significantly stronger
than other metal varieties.
In terms of stocks, LME stocks stood at 926,800 mt as of January 5, down 07,600 mt
from the previous session.
As of Jan.
4, social stocks of aluminum ingots increased by 02,000 tons from last Thursday to 801,000 tons
.
Fundamentally, the overall supply side has not changed much, and some regions such as Yunnan have a tendency to resume production, but it is difficult to see a large-scale increase
in the short term.
On the consumption side, the Spring Festival off-season is coming, the downstream is successively suspended for holidays, and the demand in the later period may weaken, and the market is expected to be relatively stable after the market, and the overall trading is general
.
In terms of price, the recent European energy problem has triggered frequent rumors of overseas electrolytic aluminum production reduction, and unilaterally recommended to deal with
the idea of bargain hunting.
