Shanghai aluminum trend is weak The market is in the off-season of consumption

In the external market, London aluminum fluctuated in a narrow range, and the LME three-month aluminum Beijing time was reported at 1708 US dollars / ton at 15:00, down 2 US dollars, or 0.
12%,
from the settlement price of the previous trading day.

In terms of the market, today's spot trading price of Yangtze River was 14860-14900 yuan / ton, down 120 yuan; Guangdong South Reserve reported 14860-14900 yuan / ton, down 120 yuan; Hua reported 14860-14900 yuan / ton, down 120 yuan
.
Holders actively ship, middlemen can receive goods, downstream on-demand procurement is the mainstay, and there is not much bright
spot in the transaction.

Citi said the global aluminum market will have a surplus of 2.
5 million tonnes in 2020 and will turn into a shortage of 1.
7 million tonnes
by 2023.
Global aluminum demand will grow at an annual rate of about 2.
4% from 2020 to 2023, with the increase evenly distributed
between China and beyond.

At the macro level, the Fed's monetary policy has not turned, the market liquidity is abundant, and the Politburo meeting determined that the monetary and fiscal policy has been slightly tightened, but the overall easing tone remains unchanged
.
From a fundamental point of view, except for the aluminum companies that have been scheduled to resume and put into production, there is no more news of capacity release this week
.
The start of aluminum downstream processing enterprises is still stable, and the backlog of orders will continue to decrease
.
Aluminum ingot social inventories accumulated slightly this week, mainly due to some inflows
of imported sources.
Against the backdrop of low inventories, aluminum prices are on the strong side
.