Inventories will hit a new low during the year The aluminum market continues to run at a high level

On the macro front, vaccine optimism has receded, and the number of initial jobless claims in the United States last week was higher than expected; The National Assembly proposed to expand domestic demand, send cars to the countryside and exchange home appliances for new ones
.

This week's aluminum ingot inventory recorded 615,000 tons, down 1.
4 from last week, and the destocking situation continued, but it should be noted that the inventory did not continue to decline during the week, and the destocking showed signs
of slowing down or even turning into accumulation.
After entering the "off-season", most sectors did not show a significant decline, especially orders such as automobiles, photovoltaics and consumer packaging maintained a good level, and consumption in November is expected to maintain double-digit high-speed growth
year-on-year.

In terms of exports, in the case of the recovery of overseas demand, the performance of export orders has picked up, and exports are in an improving trend, but considering the recent rebound in the internal and external ratio, it is still not advisable to be too optimistic
.

On the supply side, the production capacity in the southwest region continued to be put into operation, the supply continued to increase, while the profit margin of the import window expanded, and the inventory of the bonded zone continued to flow into the country, forming a certain supplement.

Despite the continuous growth of supply, but beyond the expected consumption performance caused by the continuous decline of inventory, aluminum ingot inventory is much lower than the same period last year, with the current consumption growth rate, the inventory will hit a new low in the past 3 years, objectively speaking, will continue to be conducive to the "more short" situation, aluminum prices continue to run
high.