Short-term inventories hovering at low levels Shanghai aluminum volatility is strong

At the macro level, research results showed that the Pfizer new crown vaccine could prevent more than 90% of infections, the S&P 500 index hit a new intraday record high, and non-ferrous metals were also boosted by the news and rose
.
The news boosted and rose
.

In terms of inventory, the latest LME aluminum inventory was 1431575 tons, down 6,100 tons from the previous trading day; The aluminum warehouse receipt of the previous period was 98291 tons, an increase of 2149 tons
from the previous trading day.

In terms of spot, the mainstream spot transaction price in Shanghai, Wuxi and Hangzhou markets is concentrated between 15140-15180 yuan / ton, and the premium is 40-80 yuan / ton
.

In terms of supply, the operating capacity of aluminum enterprises has been further released, and the industry operating rate has continued to rise, and the current industry operating capacity is at a high level, and the later output will gradually be
reflected.

In terms of demand, it is about to enter the seasonal traditional off-season, as well as the uncertainty of the heating season policy, downstream demand continues to slow down, and the order volume of processing enterprises decreases
.

On the whole, short-term inventories are hovering at a low level, and the off-season has not accumulated as expected, bringing some support to aluminum prices, and short-term overseas supply is tight to promote the strong operation of aluminum, but over time, changes in the rhythm of supply and demand will make aluminum ingots return to the accumulation cycle, maintaining the medium-term bearish idea
.
Short-term wait-and-see
.