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Aluminum prices fluctuated
at a high level yesterday.
London aluminum closed up 1.
80% on Tuesday; The main 01 contract of Shanghai aluminum closed down 0.
19% in daily trading and up 0.
32%
in overnight trading.
Guizhou opened winter power cuts, 5 electrolytic aluminum enterprises in the province may reduce production by more than 270,000 tons, supply pressure has eased, and the decline of Shanghai aluminum in daily trading has narrowed
.
In overnight trading, due to the slowdown of the US CPI growth more than expected, the dollar fell sharply, London aluminum rose, and Shanghai aluminum continued to rebound
weakly.
Demand concerns suppress the rebound space
of Shanghai aluminum.
Recently, due to the sudden drop in temperature caused by the rise in electricity consumption and insufficient power supply, on December 12, Guizhou Power Grid issued a notice on the implementation of load management for electrolytic aluminum enterprises, requiring relevant electrolytic aluminum enterprises in Guizhou to temporarily reduce the total scale of 700,000 kilowatts, and start at 00:00 on December 13, 20% of the daily load distribution according to the load, through the implementation of 5-day load management in place
.
It is understood that at present, Guizhou Province has 1.
65 million tons of electrolytic aluminum built capacity, and the operating capacity at the end of November will reach 1.
35 million tons, and it is expected that the impact of this power cut and production reduction will reach 400,000 tons of production capacity, and the previous 180,000 tons in Guizhou Province production plan may be delayed
.
On the demand side, the lack of orders from processing enterprises has led to more cautious downstream procurement, considering that this year's Spring Festival was earlier, some enterprises prepared for early vacation, and it is expected that the actual demand will continue to be weak
.
In terms of inventory, the total inventory of electrolytic aluminum ingots has now fallen to about 500,000 tons, and fewer arrivals in some areas
.
On the whole, in the short term, the social inventory of domestic aluminum ingots remains low, and the overall spot market is tight, which still has some support for the fundamentals of domestic aluminum prices, and the current contradiction between supply and demand is not prominent for the time being, and it is recommended to treat
it with the idea of high selling and low absorption.
