LME stocks fell 4375 tons to 1219 700 tons on Thursday, and three-month aluminium closed down 0.88% at $1905 a ton. Shanghai Aluminum Night Market Main Contract fell 0.22% to $13660.

In the spot market, downstream enterprises often wait-and-see or purchase on demand, but the purchasing volume has not increased significantly.

On February 25, Debao Aluminum 600 KA series electrolytic cells were put into operation smoothly, which laid a good start for the completion of the production and operation target in 2019. The successful power transmission laid a solid foundation for the smooth start-up of the follow-up electrolysis production line, indicating that Debao Baishan Aluminum Mine has met the requirement of producing 200,000 tons of electrolytic aluminium annually. Russian Aluminum is looking for a warehouse for 300,000 tons of aluminium.

Operationally, the gradual slowdown of Sino-US trade frictions is gradually being digested by the market, and the dove attitude of the Federal Reserve Chairman for two consecutive days has made the dollar continue to weaken. But as the market focus shifts to fundamentals, the momentum in aluminium prices may be inadequate. China's official manufacturing PMI fell to a new low in February 2016. Market expectations for China's economic stability will be bottomed out or faced with short-term revisions. Macro-economic benefits will gradually be digested, the cumulative stock volume will rise sharply, and Shanghai Aluminum's trend will be shocked.

On February 28, domestic social stock of aluminium ingots increased by 32,000 tons to 1.76 million tons from Monday. With the reduction of metal price in March, the anticipation of material price decline is continuing to be fulfilled, and the supply pressure in the future will be eased.

It is predicted that there will be a clear trend of direction in the short-term logic switching process.