Aluminum prices fluctuated upward, and the market showed a state of external strength and internal weakness

The overseas European energy crisis is still fermenting, there is great uncertainty in overseas natural gas supply, and overseas production cuts may be further expanded
.

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
.
LME inventories continued to decline, mainly contributed
by warehouse in Klang.
On February 28, domestic aluminum ingot stocks were 1.
117 million tons, 18,000 tons
more than Thursday.
LME aluminum inventories fell by 4,525 tonnes from the previous session to 810,000 tonnes
on March 2.

Overall, the threat of the energy crisis to overseas electrolytic aluminum production capacity may continue to the beginning of spring, and with the resumption of construction in various places after the holiday, driven by the construction, completion and infrastructure projects of real estate stock, consumption can be expected to pick up, but it is necessary to be wary of the fluctuation of market expectations for interest rate hikes in the late first quarter, and it is recommended to unilaterally treat
the idea of bargain hunting and long.