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Positive by the decompression of the US dollar, yesterday's metal rebounded across the board, Shanghai aluminum began to continue to rise yesterday night, after today's opening Shanghai aluminum rose continued to expand, as of the close, up as high as 3.
36%.
On the macro front, the Fed's interest rate meeting announced an accelerated tapering of bond purchases, with dot plots showing that most officials expect three rate hikes next year and two in 2024
.
Powell said at the press conference that there will be no rate hike until full employment is reached, and has not yet decided on the time interval
between the debt reduction and the rate hike.
Overall, the interest rate meeting was in line with expectations
.
From a fundamental point of view, the cost of electrolytic aluminum has declined, and a small amount of production has resumed in Yunnan, Guizhou, Inner Mongolia and other places recently, but consumption has improved, and aluminum ingots have accelerated to boost aluminum prices
.
In terms of spot, spot Shanghai spot aluminum ingots were quoted at 19010-19050 yuan / ton, with an average price of 19030 yuan / ton, down 70 yuan / ton from the previous trading day, and the 2201 contract was quoted at 80 ~ 40 yuan / ton
.
The pace of interest rate hikes at the US interest rate meeting was in line with expectations, and Shanghai aluminum opened higher today, and the main contract of Shanghai aluminum rose 140 yuan / ton, or 0.
73%,
as of the close.
Spot transactions are acceptable
.
Driven by the downstream year-end rush order, the speed of aluminum ingot destocking remained relatively high, giving aluminum prices short-term momentum to rise, and some bulls concentrated on entering the market, driving Shanghai aluminum to rise by more than 2% within the day, and the transaction center of gravity rose above 19,500 yuan / ton, and the East China spot trading concentrated on the plate surface discount expanded, and the actual transaction of the plate surface discount around
100 yuan / ton.
At present, the overall domestic electrolytic aluminum production is still running at a low level, of which Yunnan and other parts of the country are affected by the environmental protection requirements of the Winter Olympics and the double-limit policy, production capacity is still limited, while the social inventory of aluminum ingots continues to be destocked, and the speed of destocking is significantly accelerated, aluminum prices have been boosted, and aluminum may rise
.
