Shanghai aluminum afternoon comment on February 13

Yesterday, the main 2003 contract of Shanghai aluminum opened slightly at 13805 yuan / ton, briefly rushed to around 13840 yuan / ton and began to fall, and then fluctuated around 13740 yuan / ton, down 100 yuan from the intraday high, closing at 13745 yuan / ton, down 0.
25%, the trading volume was reduced to 35,000 lots, the position was reduced to 87,000 lots, and the night trading continued to be suspended, and the recovery time was not determined
.
The market optimism has dissipated, and the momentum for the upward breakthrough in the short term is slightly insufficient, and it is expected that the main operating range of Shanghai aluminum today is 13600-13800 yuan / ton
.

The cumulative scale of social inventory around the Spring Festival this year can reach up to 800,000 tons, and the peak inventory during the year may reach 1.
5 million tons, which will put greater pressure
on aluminum prices.
After the holiday, the national alumina production capacity was reduced by about 3.
01 million tons/year, and the current daily output of alumina in the country is about 183,500 tons, down about 4,000 tons/day
compared with before the holiday.
At present, the daily demand of electrolytic aluminum enterprises is about 192,200 tons / day, and the overall supply is in a tight state
.
The enterprises that reduced production were mainly concentrated in the Jinyu area, mainly due to the pressure of logistics and transportation, the tight supply of raw materials such as ore, coal, and caustic soda in the oxidation plant, and some enterprises began to compress production
.

In terms of news, Tesla has developed a new aluminum alloy that can be used for die-casting electric vehicle parts
.
Due to the obstruction of transportation, aluminum rod enterprises in Shandong, Guangxi and other places have difficulty in shipment, and the inventory in the factory is high
.
On February 10, the national social inventory of aluminum ingots reported 1.
054 million tons, an increase of 374,000 tons
over before the Spring Festival.