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Last week, the Shanghai aluminum index began to slightly lower by 14580 yuan at the beginning of the week, and then the price rebounded to 14905 yuan, and came under pressure
again at the end of the week.
This week closed at 14,680 yuan, down 125 yuan, or 0.
84%.
Index holdings increased by 5,646 contracts to 777,000
.
In terms of external trading, LME March aluminum maintained range-bound volatility this week, with the lowest price falling at $2206.
5 and rising as high as $2270, and then fell back to the close at $2230.
5 at the time of writing, up $15.
5, or 0.
70%
for the week.
In terms of the market, at the beginning of this week, the downstream continued to stock up before the holiday, the spot market received a large number of goods, the premium was also narrowed for a while, the market trading remained active, and the end of the week began to stock near the end, and the market demand turned weak
.
On Friday, aluminum prices pulled back slightly, shipments increased, holders of quotations remained firm, the market's willingness to receive goods was not as good as in the first half of the week, and the overall trading of the market was slightly average
.
In terms of news, this week's domestic and foreign aluminum prices continued to fluctuate, but the US "double-reverse" investigation restricted domestic aluminum exports, and aluminum alloy coil exports to the United States accounted for 14% of the total exports, and the continued appreciation of the RMB is not conducive to the export of domestic products, domestic and foreign aluminum markets continue to diverge, and trade barriers restrict domestic and foreign trade flows, the current domestic consumption is still light, pre-holiday aluminum prices continue to be weak and shocked
.
Overall, affected by the weather and the downstream concentrated pre-holiday stocking, the total inventory of aluminum ingots in the middle of the week was 1.
765 million tons, a decrease of 19,000 tons from last Thursday, but the electrolytic aluminum project in the first half of the year was put into concentrated production, and with the end of the stocking market, the demand for the year was weaker, and Shanghai aluminum will still be under pressure
.
It is expected that the aluminum market will continue to maintain a pattern of external strength and internal weakness, and in the future, with the landing of new production capacity in the first quarter, the aluminum market may face the risk
of correction.
