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Yesterday's Shanghai aluminum main 2201 contract opened at 18770 yuan / ton in the morning, the narrow range fluctuated in the range of 18600-18800 yuan / ton before the afternoon, and the short position reduction in the afternoon drove the plate upward, touching a high of 18900 yuan / ton during the day, and fell slightly at the end of the day, and finally closed at 18790 yuan / ton
.
It was up 80 yuan / ton, or 0.
43%,
from the previous trading day.
In terms of spot, LME aluminum spot premium was $13.
50/tonne, compared with $15.
25/ton
in the previous session.
Overnight, Shanghai aluminum feedback on the "RRR reduction" information is insufficient, the actual center of gravity has not been improved, the current terminal market consumer confidence still needs to be boosted, although the weekly aluminum ingot to the warehouse of 24,000 tons, and East China aluminum ingot out of the warehouse continued to rise, but under the current pattern, the bulls have insufficient power, relative to the willingness of bears to preserve value, the current long and short contrast, the bears still take the initiative
.
Only the spot end to the destocking feedback is slightly firm, East China spot discount around 50 yuan / ton in the morning, continuing to maintain a stable trend, East China spot trading concentrated 18670-18690 yuan / ton
.
In terms of industry, according to data from the General Administration of Customs, the export volume of unwrought aluminum and aluminum products in November 2021 was 509,300 tons, an increase of 6.
2% month-on-month and 20.
1%
year-on-year.
From January to November 2021, the cumulative export volume of unwrought aluminum and aluminum products was 5.
0563 million tons, an increase of 14.
9% year-on-year, hitting a new high level of total exports since March 2020, mainly due to strong foreign demand and good export data
.
Recently, Shandong Port Yantai Port Jinbo United Port officially put into operation China's aluminum industry supply chain, it is reported that Jinbo United Port can meet the annual export demand
of 10 million tons of bauxite.
In terms of fundamentals, the supply-side increment is limited, it is difficult to have a large-scale resumption of production in the short term, and the northern region may further tighten in the future due to the double-limit policy and the approach of the Winter Olympics
.
On the cost side, with the recent decline in alumina prices, the losses of electrolytic aluminum smelting enterprises have eased, and the production of some enterprises has returned to the break-even line, and it is necessary to pay attention to the subsequent downward strength of electricity prices
.
On the consumer side, the holders ship at a high price, the receiver purchases at a low price on demand, the market transaction is not good, and continue to pay attention to the downstream consumption
.
In the near future, the demand for downstream replenishment orders is acceptable, and the consumption side has improved in stages, but it is necessary to be vigilant that downstream processing enterprises will limit production
again due to environmental protection requirements in the heating season and the Winter Olympics.
In terms of price, the current domestic electrolytic aluminum market long and short contradiction is relatively mild, need to be vigilant macro and news in the face of market sentiment disturbance, unilateral recommendation to wait and see
.
