The pressure of excess market eased Shanghai aluminum consolidated after consecutive rises

Yellen made dovish comments on Tuesday, saying that the Fed's pace of interest rate hikes should be slower, pushing U.
S.
stocks higher; Overnight, Lun aluminum rose against the market, closing up $15 at the end of the day, and the latest quotation was $1493, an increase of more than 1%; Today's Shanghai aluminum opened low, the current month 1604 contract opened at 11725 yuan, down 50 yuan, 9:20 Shanghai aluminum 1604 contract latest price was 11725 yuan, down 50 yuan; Aluminum prices may be under pressure after the recent continuous rise, and it is expected that Shanghai aluminum will be weak and consolidated today
.

The latest inventory of London Metal Exchange (LME) on the 29th was 2,814,800 metric tons, down 6,575 metric tons from the previous trading day's inventory, and the latest inventory of aluminum alloy was 16,880 metric tons, unchanged
from the previous trading day's inventory.

Yesterday's domestic spot aluminum prices rose, AOO aluminum ingot price was reported at 11750-11790 yuan / ton, the average price was 11770 yuan, up 10 yuan, and the AOO aluminum ingot price in East China of Chalco was reported at 11780 yuan / ton, up 50 yuan / ton; Boosted by the decline in production and the improvement in demand, aluminum prices rose strongly after the Spring Festival, and have risen by 10.
62% as of March 29; However, as the price continues to rise, some of the domestic original electrolytic aluminum production capacity is closed or brewing restart, it is expected that China's electrolytic aluminum will add about 3 million tons / year in 2016, of which the production scale can be about 1.
5 million tons / year within the year, and most of them are concentrated in the second half of
2016.
Short-term upward pressure is gradually apparent, aluminum prices or the rally is suspended, and spot aluminum is expected to fall
slightly today.

In February 2015, China's electrolytic aluminum output was 2.
434 million tons, a year-on-year increase of 2.
6%, the lowest growth rate
in the same period in nearly a decade.
Affected by the sharp decline in supply growth, it is expected that the growth rate of domestic aluminum ingot inventory will slow down
significantly in early 2016.
According to statistics, the inventory of aluminum ingots in major regions in China in February 2016 was about 900,000 tons, basically the same as the same period last year; However, due to the expansion of the consumption base, the number of days consumed corresponding to the inventory of aluminum ingots has decreased, indicating that the market excess pressure has eased
.