The traditional consumption season is gradually emerging and aluminum prices have received strong support

On the macro front, the US FOMC announced its latest interest rate decision, keeping the benchmark interest rate unchanged at 0%-0.
25%, the excess reserve ratio unchanged at 0.
1%, the discount rate unchanged at 0.
25%, and the monthly bond purchase scale at $120 billion
.
The world's major economies are expected to maintain the recovery momentum, the central bank easing operation in the early stage, coupled with the market situation guided by the macro sentiment of the policy side to strengthen
the sentiment of long.

The "ceiling" of supply-side production capacity is expected to strengthen, affected by carbon peak and carbon neutrality, and the new production capacity of the aluminum industry has been restricted in recent years, and the market is expected to require or strictly control the "ceiling"
of 45 million tons of electrolytic aluminum production capacity.
Recently, it is mainly manifested in Guizhou, Shandong and other places have introduced illegal new capacity projects in electrolytic aluminum and other industries, and new production capacity is limited
.
In addition, the demand side of aluminum consumption side support is strong, aluminum social inventory is relatively low year-on-year
.

To sum up, under the high price, the profit, the current domestic electrolytic aluminum plant is basically in a state of full production, the operating rate growth space is limited, and under the domestic carbon neutrality goal, as China's aluminum industry accelerates the implementation of the carbon peak goal, the local government energy consumption "dual control" policy promotion, as a high-energy consumption industry, electrolytic aluminum production capacity and output will be limited
.
Recently, domestic aluminum ingot inventories have turned into a downward trend, and the traditional consumption season has gradually emerged, which has strong support for aluminum prices
.