According to the data of business news agency, the average price of domestic aluminum ingots in East China market rose by 13.39% in February.
On March 3, 2021, the average price of domestic spot aluminum ingot Market was 17436.67 yuan / ton, with a one-day increase of 2.23%; after the high callback on March 26, it went up again.
Capital driven market is obvious
On the 3rd, the main contract of aluminum futures rose by more than 4%, with obvious convergence of futures and futures rising even more. After the festival, this wave of capital driven market is obvious, and the trend of precipitation capital and non-ferrous index is the same.
The news of the US $1.9 trillion epidemic relief plan combined with the effective promotion and use of vaccines, the strengthening of the expectation of economic recovery for the better of the epidemic situation, and the expectation of infrastructure stimulus policy, helped the outbreak of the metal market.
The spot aluminum ingot price is at a historical high in recent nine years. After the festival, this wave of rapid rising market is too fast and fierce. The downstream and terminal are under great pressure. Traders wait and see more, the pressure of short-term correction increases, and the aluminum price has experienced a slight correction.
Good fundamentals expected to boost aluminum ingot price
Although the social inventory of aluminum ingots has entered the accumulation cycle, the accumulation in the Spring Festival is not much, which is lower than that in the same period of last year. In addition, the terminal demand is expected to be better, and the investment data of power grid is relatively stable. In addition, the data of real estate, household appliances and automobiles are better, and the support of aluminum consumer side is strong. After the Lantern Festival, with the rising operating rate of aluminum downstream enterprises, the consumption demand for aluminum ingots gradually recovered, and the just needed procurement began to enter the market.
Pay attention to the change of investment logic in the later stage
At present, the profit level of aluminum ingot manufacturers has increased significantly, and the profit per ton of manufacturers with better energy efficiency ratio is close to 4000 yuan. The market quotation is mainly based on macro sentiment guidance, sustainability depends on the capacity of intervention funds, and whether the investment sentiment will return to the fundamentals is the main consideration in the future. In the short term, the spot aluminum ingot price maintains the strong movement primarily.
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