As for Price: Aluminum prices fluctuated and consolidated last week, with an average aluminum price of CNY19,872/Mt.
As for Inventory: As of December 26, the social inventory of aluminum ingots was 517,000 tons, an increase of 6,700 tons from December 23.
As for Overseas market: Due to the impact of holidays, trading was relatively light in the middle of the week, but the US dollar index remained at a high level
Alumina: Spot transaction prices continued to fall, and under the current high profits, the expectation of new production capacity and increased ore supply in the future, the expectation of forward supply easing continued to strengthen, the market's bullish sentiment continued to slow down, and the pressure from above increased.
Electrolytic aluminum: Maintenance and production cuts are expected to increase, high-frequency production data performed poorly, and smelting profits dragged down the supply side. In the medium and long term, there is little room for significant improvement in production capacity and output at home and abroad. However, current demand expectations are still relatively cautious, which drags down prices.
Aluminum price trend forecast for the new week (for reference only): The expectation of the Fed's interest rate cut has declined, the macro-driven economy is insufficient, and consumption is waning near the end of the year. Next week, aluminum prices will generally fluctuate in a weak range.
