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Overnight, the main 2202 contract of Shanghai aluminum opened at 21255 yuan / ton in the morning, and the bulls increased their positions at the beginning of the session, and the market rose sharply, touching the intraday high of 21600 yuan / ton, and the afternoon plate ran in a narrow range of 21500-21600 yuan / ton, and finally closed at 21495 yuan / ton, up 270 yuan / ton from the previous trading day, up 1.
27%, recording five consecutive Yang.
In terms of the market, East China's spot premium narrowed by 20 yuan / ton from yesterday to around 40 yuan / ton for the month, and the center of gravity of spot trading was 21600-21620 yuan / ton, but the downstream fear of heights was obvious, and the receipt of goods retreated
.
The aluminum price in the Central Plains (Gongyi) area discounted 130-150 yuan / ton to East China in early trading, and some holders reported that the operating rate of local downstream processing enterprises fell month-on-month, and the procurement effort was insufficient, thus hindering the spot discount to futures
.
In terms of news, a large aluminum smelter in Dunkirk, France, said it would reduce production
by 15% in response to soaring electricity prices.
Union officials said that if electricity prices did not fall, the cuts would expand to about 25 percent
of capacity.
At present, the European energy crisis continues to ferment, and due to the great uncertainty of overseas natural gas supply, production reduction may expand.
Fundamentally, the recent production capacity of electrolytic aluminum supply continues to rise, and the domestic electrolytic aluminum operating capacity may continue to increase
slightly in January.
In terms of cost and profit, the recent decline in alumina is small, electricity prices are relatively stable, aluminum prices are currently at a high level, and the industry maintains profits
.
In terms of demand, downstream inquiries are positive, but with the approach of the holiday, there are certain signs of weakness except for the aluminum plate and foil plate, and the recent decline in aluminum rod processing fees, some small aluminum rod processing enterprises may take a holiday
in advance.
In terms of inventory, the domestic aluminum ingot community library continues to go to storage
.
As of Jan.
11, LME stocks stood at 902,800 mt, down 08,700 mt
from the previous session.
As of January 10, domestic aluminum ingot stocks were 752,000 tons, down 24,000 tons
from the previous week.
In terms of price, overseas production cuts coupled with domestic destocking have supported aluminum prices, and it is recommended to treat
them with the idea of bargain hunting.
