echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Affected by macro sentiment, Shanghai aluminum is facing short-term adjustment

    Affected by macro sentiment, Shanghai aluminum is facing short-term adjustment

    • Last Update: 2022-12-20
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Shanghai aluminum opened lower yesterday, but pulled back in the afternoon, extending the daytime rally in overnight trading, closing up 1.
    41%.

    Lun Aluminum rose all the way, up 2.
    55%, mainly affected by the weakening of the US dollar and the steady recovery of manufacturing in China and Europe
    .

    Shanghai aluminum

    On the first day after the New Year's Day, the electrolytic aluminum society Kureku reached 32,000 tons, consumption weakened in the short term, and the fundamental pressure made the aluminum price weaker after the opening, but due to the excellent performance of the domestic stock market after the holiday, the Shanghai Index stood at 3,500 points for the first time in three years, effectively boosting the market macro sentiment, making the aluminum price in the afternoon weakened and rose back and recovered the midday decline
    .
    Subsequently, based on the expectation of strong supply and weak demand in January and February, aluminum prices are expected to show a volatile downward trend
    .

    In terms of consumption, the start of aluminum processing enterprises fell slightly by 0.
    3 percentage points last week, in addition to the heavily polluted weather and the slight expansion of the impact of production restrictions caused by various gas and power restrictions, the direct impact on the start of construction, the reduction in actual transactions caused by enterprise settlement at the end of the year also made the new orders slightly reduced
    last week.

    On the whole, the performance of the consumption side was relatively smooth and declining, mainly because the seasonal consumption season gradually came to an end
    .
    However, it is worth noting that, on the one hand, various production restrictions are coming to an end in January, and the restrictions on processing enterprises will be restored; On the other hand, because the Spring Festival this year is located in mid-February, some enterprises said that they will work overtime in January, and there may be a certain number of orders in advance, so that the weakening effect of consumption is not significant
    .
    Therefore, it is expected that downstream construction may pick up
    slightly after the holiday.

    Boosted by the domestic stock market, the non-ferrous performance is once again prominent, indicating that the pro-cyclical impact is still relatively deep
    .
    However, the country is facing the Spring Festival factor, the supply and demand relationship is in excess period under the slowdown in demand, and after the Spring Festival is the accumulation cycle, so for Shanghai aluminum, the willingness to actively pull up is reduced, and the macro sentiment is more affected before the Spring Festival
    .
    It is expected that aluminum prices will face adjustment in the short term, and the operation will be
    dominated by high test shorts.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.