The market has a strong willingness to support aluminum prices

Last week, spot aluminum prices rose, spot prices rose and moved low, cargo holders shipped generally, middlemen received goods poorly, downstream enterprises mainly purchased on demand, and the overall transaction of the market has not improved
significantly.

In the first two weeks, long-distance logistics were tight, and the arrival volume in the sales area was low, resulting in slight squeeze pressure
before delivery.
Usually, after the Spring Festival, a large number of refinery inventories will arrive in a concentrated manner, and the inventory concentration will increase significantly, so there will still be an impact
of inventory increase after the holiday.
However, so far the increase in stocks has been very limited, which also highlights the strength of downstream actual consumption, and post-holiday stocks may be limited to around 1.
1 million tons, which will still be the lowest level in the same period in recent years
.
Consumption rebounded in peak season, and aluminum prices are more likely to rise
.

From a fundamental point of view, the current electrolytic aluminum smelting profit is still good, the supply side remains steadily rising, the overall downstream demand is gradually weakening, the current market off-season effect is prominent, but the aluminum accumulation is still not obvious, coupled with the holders' expectation that the spot circulation after the holiday will tighten, the willingness to raise prices is strong, which constitutes a certain support
for aluminum prices.
In the future, we need to continue to pay attention to the impact of
inventory changes on market sentiment and contract structure.