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Aluminum prices were weak and volatile yesterday, mainly due to risk aversion affecting bulls to reduce their positions
.
The main 2202 contract of Shanghai aluminum opened at 21535 yuan / ton in the morning, opening long positions to increase positions, the high was 21600 yuan / ton, and then the long position reduction retraced, touched the lowest level of 21205 yuan / ton, and finally closed at 21375 yuan / ton, down 230 yuan / ton from the previous day, down 1.
06%, ending six consecutive Yang.
Overseas, the European energy crisis continues to ferment, and due to the great uncertainty of overseas natural gas supply, production cuts may expand.
Domestic fundamentals, the recent electrolytic aluminum supply side production capacity continued to rise, and the domestic electrolytic aluminum operating capacity in January may continue to increase
slightly.
In terms of cost and profit, the recent decline in alumina is small, electricity prices are relatively stable, aluminum prices are currently at a high level, and the industry maintains profits
.
In terms of demand, downstream inquiries are positive, but with the approach of the holiday, there are certain signs of weakness except for the aluminum plate and foil plate, and the recent decline in aluminum rod processing fees, some small aluminum rod processing enterprises may take a holiday
in advance.
In terms of inventory, the latest domestic aluminum ingot social library continues to go to storage, as the downstream holiday successively, it is necessary to pay close attention to the inventory inflection point
.
As of Jan.
12, LME stocks stood at 895,000 mt, down 03,500 mt
from the previous session.
As of January 13, domestic aluminum ingot stocks were 724,000 tons, down 52,000 tons
from the previous week.
In terms of price, overseas production cuts combined with domestic destocking have supported aluminum prices, and it is recommended to treat them with the idea of bargain hunting, but as consumption weakens, it is not appropriate to chase more
.
