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Overnight, Shanghai aluminum continued to fluctuate
weakly.
At the beginning of the week, the social inventory of aluminum ingots fell by 02,000 tons
in the process of continuous accumulation.
The recent decline in aluminum prices, coupled with the approach to the Spring Festival and concerns about transportation obstruction, has increased market bargain hunting and stockpiling, supporting spot market prices and premiums
.
However, there are obvious signs of falling demand, and some downstream began to take an early holiday this week, and the epidemic in various places may further suppress consumption
.
Before the Spring Festival, Shanghai aluminum was generally under pressure, and the short configuration was the main
.
Recently, LME inventories, the last period and China's output have risen, social inventories have entered the accumulation stage since late December last year, and the operating rate of downstream enterprises in the off-season is low, the operating rate of aluminum plants is still at a high level, and spot aluminum prices are expected to fall
.
Although the recent macro impact is still there, but lack of trend guidance, the fundamental impact of aluminum is prominent, especially the change of inventory, the impact of recent weather, the epidemic has an impact on the accumulation range, then the price is likely to fluctuate
.
But overall, the logic of the pre-holiday supply and demand margin continuing to weaken is still there, and aluminum prices continue to come under pressure
.
