Shanghai aluminum continues to be strong and hit a nine-and-a-half-year high during the session

Today, LME three-month aluminum was reported at $2,210 / ton at 15:00 Beijing time, down $10, or 0.
45%,
from the previous session's settlement price.

In terms of the market, today's spot trading price of Yangtze River is 17720-17760 yuan / ton, up 130 yuan; Guangdong South Reserve reported 17730-17790 yuan / ton, up 140 yuan; Hua reported 17850-17870 yuan / ton, up 140 yuan
.
Cargo holders are selling at a high price, traders are in demand for some long orders, downstream consumption is weak, and the overall trading is inactive
.

On the supply side, the market began to benchmark the trend in 2017, forming a strong support
for aluminum prices.
In addition, aluminum social inventory is nearing the end, which is also another reason for
the market's optimism.
However, the expansion of aluminum ingot import profits shows the domestic willingness to raise prices, and the impact on aluminum ingot imports is expected to be obvious, and the import volume is expected to rise
significantly.

On the demand side, from the perspective of processing fees and enterprise orders, high aluminum prices are not smooth downstream, downstream high-price procurement resistance is strong, and the market has also entered the game stage
of forcing downstream procurement.
Overall, aluminum prices are still strong
in the short term.