Shanghai aluminum afternoon review on March 31

In terms of fundamentals, the current profit of electrolytic aluminum enterprises has reached more than 3700 yuan / ton, and the future supply side is expected to remain strong under high profits, but the recent closure of the import window or affect the later import volume, which can also be seen that the current aluminum price is in a pattern of external strength and internal weakness
.

In terms of demand, high-priced aluminum still has a certain restrictive effect on the downstream, the willingness to receive goods is not high, the discount pattern is reproduced, the processing fee has not shown signs of rising, and the high-price procurement is still relatively cautious
.
However, in general, the accumulation of aluminum social inventory has ended, and the market hopes that the destocking will continue to support aluminum prices
.
The fundamentals are in the stage of divergence between expectations and the present, that is, the expected peak season has not been cashed in by the market, the performance of the downstream and downstream of high-priced aluminum has not exceeded expectations, and the transmission is not smooth, but the downstream of the peak season is also wrapped into the market, and there is a situation
where it has to be purchased at a high price.
Under the game between funds and entities, aluminum prices may enter a wide range of shock sorting stage, during which investors can pay more attention to indicators such as downstream processing fees and social inventory
.