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In futures, aluminum prices fluctuated last day and edged higher
.
On the macro front, U.
S.
economic data remained optimistic, market hawkish expectations for the Fed remained strong, and the dollar index remained above
104.
Domestically, although the tone of "homeowners do not speculate" remains unchanged, the real estate stimulus policy continues
.
The epidemic prevention and control measures have been further adjusted, and many places have reached their peak, and the negative drag of the epidemic on the economy is difficult to further worsen, and the overall expected marginal improvement
.
According to customs data, domestic net imports of primary aluminum in November were 108,300 tons, down 52.
7%
year-on-year.
From January to November, the total domestic net import of primary aluminum reached 345,000 tons, down 76.
8%
year-on-year.
On the domestic supply side, the total reduction in production in Guizhou Province exceeds 200,000 tons, and the increase in resumption of production in Guangxi and Sichuan is small, and the domestic operating capacity remains stable
.
In terms of demand, the operating performance of aluminum downstream processing enterprises is weak, among which the operating rate of aluminum strip, aluminum cable and aluminum foil has declined, mainly due to the small number of terminal orders and the forced infection and isolation of production personnel of many enterprises, resulting in a decline
in production efficiency.
Considering that the Spring Festival is approaching, many downstream enterprises have early holiday plans, and there is an expectation
of further decline in demand.
On the whole, in the short term, the supply and demand of the domestic aluminum market is weak, the social inventory of aluminum ingots remains low, and the overall spot market supply is tight, which still has some support for the fundamentals of domestic aluminum prices, and it is recommended to treat
it with the idea of high selling and low absorption.
