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Yesterday's aluminum price fluctuated greatly during the day, rebounded in the afternoon driven by the surge in nickel, and then fell again, and continued to fall at night, and the market was in a wait-and-see mood
.
Yesterday, LME three-month aluminum opened at $3,740 / ton, adjusted around the low-level of $3,760 in early trading, and then fell again after a rapid intraday rise to a high of $3,900 driven by factors such as the surge of nickel
.
Under the Russian-Ukrainian conflict, Rusal's exports and transportation may be blocked, coupled with European energy prices continue to rise, European electrolytic aluminum production reduction concerns continue to heat up
.
In terms of news, in February 2022 (28 days), China's electrolytic aluminum output was 2.
946 million tons, a year-on-year decrease of 2.
35%, and the average daily output was 105,000 tons, an increase of 019000 tons month-on-month, and a year-on-year decrease of 025000 tons
.
In terms of domestic fundamentals, Yunnan, Inner Mongolia and other places have begun to resume production, and the process of resumption of production is uneven
.
The aluminum market shows a state of external strength and internal weakness, and the import window continues to close
.
In terms of consumption, downstream consumption just needs a seasonal slow recovery, but considering the current high aluminum prices or suppressing demand, it is necessary to pay attention to the impact
of the epidemic and environmental protection control in the north on the downstream resumption of work.
In terms of inventory, social treasury data showed that inventories accumulated and slowed down
.
On March 7, domestic aluminum ingot stocks were 1.
144 million tons, 24,000 tons
more than Thursday.
LME aluminum inventories fell by 7,875 tonnes from the previous session to 786,000 tonnes
on March 8.
In terms of price, the threat of the energy crisis to overseas electrolytic aluminum production capacity may continue, and it is necessary to continue to pay attention to the progress of domestic electrolytic aluminum production and the recovery of downstream demand.
