Shanghai aluminum afternoon review on December 2

From a fundamental point of view, aluminum still maintains a weak supply and demand, and there is no strong upward drive
for the time being.
On the supply side, some electrolytic aluminum smelters have plans to resume production, and the supply may be further relaxed
.
In terms of demand, the operating rate of primary processing enterprises remained stable under the background of the off-season, orders were flat, and the impact of the Winter Olympics on the operation of processing enterprises was greater than that of electrolytic aluminum smelters; Terminal demand market, real estate sector policy bottomed, sentiment repair, but fundamentals still have room to explore, and the north into the winter real estate plate seasonally weakened, in addition, the shortage of automotive cores is alleviating, but this year still cannot be solved
temporarily.

In terms of inventory, the domestic social treasury has recently destocked, and LME inventories have continued to decline, and are now at a low level since 07, giving strong support
to aluminum prices.
It is expected that short-term aluminum prices may still be dominated by shock operation
.