December 23 Shanghai aluminum brief comment

On the demand side, November demand with the fall in aluminum prices has been released, but after all, the winter demand decline has become a foregone conclusion, the current stage of demand is more from the market for next year's expected speculative demand, at present this demand has not yet reached the release time, is expected to be reflected
in December.

On the inventory side, the trend of inventory accumulation has eased, and it is expected to maintain high volatility in the later stage, and it is difficult to have a significant change trend
.
On the supply side, the overall production capacity and output are also difficult to expand, and the serious import loss has led to the continuous closure of the import window, and the increase on the supply side is limited
.

Near the end of the year, the overall market demand is difficult to recover, coupled with environmental factors, Shandong, Hebei processing plants have reduced production and stopped production, the basic face of limited price support, continue to chase higher need to remain cautious, the operation is still based on high profit and profit, spot aluminum continues to fluctuate
at a high level.