Aluminum prices fluctuated upwards and kept the range judgment unchanged

In terms of news, State Grid has issued eight measures
to ensure the safe and reliable supply of electricity in the peak winter.
The US current account deficit in the third quarter was $178.
5 billion, the highest since the
first quarter of 2008.
The U.
S.
government will be partially shut down due to fiscal deficits and budget reasons, and new fiscal policy is still pending
.
The dollar rose sharply to return above 90 today, and non-ferrous metals rose
sharply on Friday.

Last week's aluminum ingot inventory fell by 0.
7 to 589,000 tons from last week, and the slight destocking situation continued
.
As the year draws near, some end markets have begun to show signs of off-season, and orders for downstream automotive wheels have declined slightly, but orders in photovoltaic, electronics and packaging fields are still relatively stable
.
Following the environmental protection production restrictions in Henan, Zhejiang limited electricity measures for some industries due to insufficient electricity, resulting in a decline
in the output of small enterprises.

On the supply side, the problem of electricity has led to a small reduction in the production of Yunaluminum Haixin, but the overall operating capacity is still in the upward stage, superimposed on the continuously open import window, and the supply maintains an upward trend
.
The main logic of fundamentals is still there, that is, the continuous destocking under low inventory, after the delivery of the month, the position / warehouse receipt hit a new high in the year, short-term contradictions are highlighted again, and the recent environmental impact, power supply impact, etc.
have different degrees of impact on downstream demand, pay attention to the arrival of inventory inflection point, but the supporting role played by macro sentiment cannot be underestimated, short-term aluminum prices maintain high operation
.