Before the holiday, it is difficult for the price of aluminum to reach a new high

This week's Shanghai aluminum performance first rose and then fell, the main force of the session rose above 21800 after a rapid pullback, in the short term at the 22000 mark pressure is still large, as of Friday afternoon close, Shanghai aluminum main 2203 contract closed at 21430, weekly cumulative increase of 1.
28%.

This week, the overall performance of Lun Aluminum pulled up the trend, the highest intraday broke above $3,100, rising to $3,123, a cumulative increase of 3.
2% as of Friday; The bullish sentiment of bulls in the market during the week is still strong, and aluminum prices remain high; However, the current high price factor is due to the market on the one hand, and on the other hand, the decline in the profits of aluminum companies after the continuous rise in energy costs in Europe has not been effectively solved, the hidden danger of large-scale production shutdown and production reduction still exists, and supply-side disturbances continue to support the price climb
.

In terms of the market, due to the approaching Spring Festival holiday, market demand has weakened, traders' enthusiasm to enter the market has also decreased, and transactions have been cold, and it is expected that the market will gradually show a situation
of price and no market next week.
With the holiday of enterprises, the market transaction decreases, and it is understood that downstream enterprises are mostly concentrated in ending the holiday
this week.

In East China, the European energy crisis once again boosted aluminum prices, but affected by the approaching Spring Festival, downstream enterprises have a holiday, demand has weakened, aluminum prices have failed to stand at a high level, and this week showed a trend of rushing back down; As of Friday, the spot aluminum price in East China was 21340-21380 yuan / ton, up 190 yuan / ton from last Friday, and the spot rose slightly; In South China, as of Friday, the price of Foshan Nanhai aluminum ingot ticket was between 21570-21670 yuan / ton, up 200 yuan / ton
from last Friday.

With the approach of the Spring Festival, the trend of weak downstream consumption continues to appear, at the same time, domestic social inventory has also turned to accumulation again, although the weekly accumulation is less than 10,000 tons, but also to a certain extent reflects the weakness of the demand side; However, on the other hand, on the policy side and the supply side, the short-term continued positive for prices still exists, the central bank's "interest rate cut" stimulates the rapid recovery of the domestic economy, coupled with overseas production reduction interference, Shanghai aluminum still has strong support at 21,000, the main pressure level continues to focus on 22,000, and the fluctuation range next week can be seen in
the 21000-21800 range.