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Yesterday's aluminum prices were mainly
weak and volatile.
From a fundamental point of view, the latest aluminum ingot inventory this week was 1.
161 million tons, down 22,000 tons
from last week.
Although the pace of domestic new construction and resumption of production capacity has accelerated in the second quarter, with the arrival of the traditional consumption season, aluminum ingots are still in the normal destocking, forming a strong support
for prices.
Yesterday, the General Administration of Customs released aluminum import data, in March 2021 electrolytic aluminum imports 87,000 tons, year-on-year are a large increase, with the import is expected to increase significantly, this year's aluminum ingot peak season destocking speed and magnitude may be greatly affected, thereby limiting the upper limit of aluminum prices, on the other hand, carbon neutrality production restrictions, storage dumping and other rumors will intermittently form a strong impact on aluminum prices, increase aluminum price fluctuations
.
In terms of stocks, LME stocks were 1,812,600 mt on April 20, down 07,000 mt
from the previous day.
On April 19, China's mainstream electrolytic aluminum social inventory was 116.
1 tons, down 22,000 tons
from the previous period.
Risky asset prices retreated, and oil prices fell to weigh on non-ferrous metal prices
.
Domestically, Shanghai aluminum prices were weak among non-ferrous metals, as did Shanghai zinc
.
Although the recent social inventory of the two is ideal, as the two varieties of the concept of dumping reserves, their short-term trend is still weak
.
In March's macro data, continue to verify that the economy is still running smoothly, Shanghai aluminum its supply and demand situation for a long time, the fundamentals are significantly better than Shanghai zinc, so Shanghai aluminum should still be used as a long variety allocation
.
From the perspective of the operating rate of processing enterprises, the operating rate continued to rise, orders improved significantly compared with the previous period, and the consumption of electrolytic aluminum in the second quarter remained unchanged
.
Overall, aluminum prices are prone to rise and fall
under the mismatch of supply and demand.
