The European energy crisis is still fermenting, and aluminum prices are strong and volatile

On the macro front, China's CPI and PPI maintained a decline
in January.
The NDRC said that by 2025, the energy efficiency benchmark level of copper, aluminum, zinc and other industries will be further improved
.
The overseas European energy crisis is still fermenting, and production cuts may expand
again due to the greater uncertainty of overseas natural gas supply before the spring season in March.

Domestic fundamentals, mainly Yunnan, Inner Mongolia and other places, began to resume production, and the process of resumption of production is different
.
In terms of consumption, downstream work has resumed one after another, and it is necessary to pay attention to the impact
of the epidemic and environmental protection control in the north on the downstream resumption of work.

In terms of inventory, the latest social treasury data shows that inventories have accumulated, with Nanhai, Wuxi and Gongyi contributing the main increments
.
On February 17, domestic aluminum ingot stocks were 1.
039 million tons, 90,000 tons
more than last Thursday.
LME aluminum inventories fell 1,700 tonnes from the previous session to 855,000 tonnes
on Feb.
17.

At present, the threat of the energy crisis to overseas electrolytic aluminum production capacity may continue to the beginning of spring, and with the resumption of construction in various places after the holiday, driven by real estate stock construction, completion and infrastructure projects, consumption can be expected to pick up, but it is necessary to be wary of the fluctuation of market expectations for interest rate hikes in the late first quarter, and it is recommended to unilaterally treat
the idea of bargain hunting and long.