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On Thursday, Shanghai aluminum continued to fall, the lowest touched 17685 yuan / ton after a slight rebound, the daily close Xiaoyang, slightly up 0.
22%.
Index holdings increased by 17,990 contracts to 446,000 lots
.
Domestic electrolytic aluminum social stocks reported 576,000 tons on Thursday, continuing to increase by 15,000 tons
from Tuesday.
East China spot discount compared with 01 contract further expanded by 20 to 60 yuan / ton compared with the previous day, close to the Spring Festival, the downstream of the aluminum ingot market is basically gradually on holiday around the 10th, a small amount of downstream just need to replenish, the trading atmosphere is very light
.
In the early hours of Thursday, the Fed released the minutes of its December monetary policy meeting, which showed that at its latest monetary policy meeting, which ended on December 14, 2022, Fed policymakers confirmed the need to slow the pace of interest rate hikes, but did not reveal the idea of cutting interest rates in 2023, pouring cold water
on hopes of turning.
The minutes were clearly hawkish, hitting commodity markets
.
In terms of fundamentals, due to the recent significant decline in natural gas prices in Europe, electricity prices have declined as a whole, and the reduction caused by the energy crisis is expected to further decline
.
Domestically, the State Council listed the new crown epidemic as "Class B and B pipe", emphasizing that the focus is on strengthening services and guarantees, and boosting the market in stages, but the downstream is in the off-season, and it is close to the Spring Festival, and the seasonal accumulation may have been opened, and the support is limited
.
Maintain the view of the annual report, under the background of weak supply and demand, the shock is weak, and the long-term aluminum price may be measured again to reduce the cost of the pass
.
For the later trend, there is still room for decline in the unexpected accumulation and weak consumption, and there is no positive factor in the short term, it is recommended to continue to treat it with a short idea, but after the continuous decline, you need to pay attention to the rhythm of operation and beware of the over-fall rebound, including the impulse atmosphere brought by spot speculation replenishment
.
