The social treasury maintained the state of accumulation and the trend of Shanghai aluminum fell slightly

Yesterday morning Shanghai aluminum weak operation, stimulated by the news of the resumption of electrolytic aluminum production in Yunnan and other places, the domestic concern about the follow-up supply shortage weakened, the first trading session, Shanghai aluminum 03 contract bottomed out 22555 yuan / ton, South China downstream wait-and-see to receive, the recent aluminum rod processing fee performance is weak, some aluminum processing enterprises in South China switched to aluminum rod mining, aluminum ingot consumption weakened, and the social treasury maintained a state of accumulation
.

In terms of domestic fundamentals, Yunnan, Inner Mongolia and other places have begun to resume production, and the process of resumption of production is uneven
.
The aluminum market shows a state of external strength and internal weakness, and the import window continues to close
.

In terms of consumption, downstream consumption just needs a seasonal slow recovery, but considering the current high aluminum prices or suppressing demand, it is necessary to pay attention to the impact
of the epidemic and environmental protection control in the north on the downstream resumption of work.

In terms of inventory, social treasury data showed that inventories accumulated and slowed down
.
On February 28, domestic aluminum ingot stocks were 1.
117 million tons, 18,000 tons
more than Thursday.
LME aluminium inventories fell by 9,750 tonnes from the previous session to 814,000 tonnes
on March 1.

In terms of prices, the threat of the energy crisis to overseas electrolytic aluminum production capacity may continue to the beginning of spring, and with the resumption of construction in various places after the holiday, driven by real estate stock construction, completion and infrastructure projects, consumption can be expected to pick up, but it is necessary to be wary of the fluctuation of market expectations for interest rate hikes in the late first quarter, and it is recommended to unilaterally treat
the idea of bargain hunting and long.