Short-term profits are exhausted, and aluminum shocks fall

In terms of the external market, the London aluminum March contract opened at $1749 / ton in the morning, the Asian trading session fluctuated in a narrow range, and the end of the session rose slightly, but in the European trading session quickly retreated, continued unilateral decline, as of 19:05 Beijing time plate price was 1737 US dollars / ton, as of now Lun aluminum fell for four consecutive days and gave up all the gains in the previous two weeks, there is still support
below 1730 US dollars / ton.

In the spot market, aluminum fell back before noon in the month
.
Shanghai and Wuxi market spot quotation concentrated between 14050-14070 yuan / ton, from the previous day price fell around 60 yuan / ton, the opposite plate premium 40-50 yuan / ton, spot premium from the previous day also slightly lower, Hangzhou spot price transaction concentrated between 14100-14110 yuan / ton, Hangzhou holders in the hands of the supply is not much, the quotation is relatively firm
.
Traders in Guangdong and Xi were more active, but after 11:00, the transaction heat fell, the market atmosphere gradually calmed down, and the willingness of downstream manufacturers to receive goods increased significantly compared with the previous two days, mainly due to the recognition of falling prices, coupled with the demand for stocking on weekends
.
In the late afternoon, aluminum sank, the price of the holder was between 14030-14050 yuan / ton, and the premium of the plate was around 40 yuan / ton, only a small number of transactions between traders, and there was almost no
downstream.

The inventory of intra-day aluminum fell by 975 tons, but the accumulation of 12650 tons in the week, the weakening of the fundamentals is basically reflected in the trend of the disk, and the expected shock runs at 1730~1750 US dollars / ton
.

From a fundamental point of view, last week's electrolytic aluminum inventory continued to dematerialize, and the destocking range was large, the outbound volume was higher year-on-year, and consumption maintained marginal improvement
.
However, the production capacity of electrolytic aluminum on the supply side is still slowly increasing, and it is difficult to have a shortage during the year, the price of raw materials on the cost side continues to decline, the profit of electrolytic aluminum continues to expand, and there are no obvious positive factors
on the supply side.
Last week, under the stimulation of inventory dematerialization and consumption margin improvement, aluminum prices ran strongly, but never broke through the 10,41 area, and the lack of supply-side cooperation in the background, Shanghai aluminum short-term profits after the shock fell back, and it was operationally recommended to short the far month contract
at the high.