The news of RRR cut boosts non-ferrous metals Aluminum prices are still weak and volatile

In terms of spot, Shanghai spot aluminum ingots quoted 18760-18800 yuan / ton, the average price was 18780 yuan / ton, up 90 yuan / ton from the previous trading day, and the 2112 contract was discounted 70 ~ 30 yuan / ton
.
The latest social stock of electrolytic aluminum was 964,000 tons, down 16,000 tons
from last Thursday.
The marginal improvement of fundamentals is supported, and aluminum prices are supported
.

On the macro front, the epidemic has cast a shadow over the prospects of global central bank policy tightening, but Powell unexpectedly showed a "hawkish" posture this week, indicating that the Fed's plan to accelerate asset purchases tapering plans and expectations of multiple interest rate hikes next year are not affected, forming a continuous suppression
of aluminum prices.

On the supply side, some electrolytic aluminum smelters currently have plans to resume production, but the overall operation capacity is still limited; The latest data shows that electrolytic aluminum inventories continue to decline, the market trading atmosphere is acceptable, and LME inventories continue to decline, which is now at a low level since 07, forming a certain support
for aluminum prices.
However, the current prices of alumina and other auxiliary materials continue to decline, the cost of electrolytic aluminum is weakened, and the macro sentiment is short to form a stronger pressure on aluminum prices, and short-term aluminum prices are mainly volatile
.