Aluminum continues to fluctuate higher, and prices are difficult to rebound significantly

In terms of external disk, Lun aluminum opened at 1788 US dollars / ton
in the morning.
During the Asian session, Lun Aluminum continued its strong momentum on the eve and broke through the 5/40/10 moving average
one after another.
In the afternoon, Lun aluminum fell back in shock, and as of 15:00, Lun aluminum was reported at 1787.
5 US dollars / ton, returning to below
the 5-day moving average.
After entering the European session, Lun aluminum strengthened again, touching 1802.
5 US dollars / ton at a high level, and fell back above 1800 US dollars, as of 17:51 Lun aluminum was reported at 1795 US dollars / ton, touching the 5-day moving average
.

In terms of inventory, social aluminum ingot inventories fell by 23,000 tons, a significant increase from Monday's decline of 10,000 tons, consumption still has some support, short profits left the market, long bargain buying made aluminum prices repair part of the weekly decline
.
Considering that the current cost of alumina and anode prices has fallen slightly, July and August are the traditional off-season for aluminum consumption, and Shanghai aluminum can still be high and short
.

In the spot market, aluminum futures maintained range-bound
volatility before noon of the month.
The trading price of Shanghai and Wuxi was between 13740-13760 yuan / ton, and the market rose 10-20 yuan / ton for the month, which was around 90 yuan / ton higher than yesterday's price, and the transaction price in Hangzhou was between
13790-13800 yuan / ton.
Aluminum prices rose sharply during the day, and the holders held part of yesterday's low source of goods, actively shipped, and middlemen and traders actively reversed goods, and a large market also had nearly 8,000 tons of purchases
.
Downstream is afraid of heights, performance wait-and-see, the overall willingness to purchase is not high, and the receipt of goods is mediocre.

East China trading slightly improved from yesterday
.
Aluminum fluctuated in a narrow range in the late afternoon, and the actual transaction price of the market was around 13,760 yuan / ton, and the premium on the plate was about 10 yuan / ton, but the market was light in the afternoon, and the actual transaction was less
.

Yesterday's Shanghai aluminum fluctuated intraday, rebounded sharply in overnight trading, and the main contract closed at 13895
.
Shanghai aluminum fundamentals have not appeared good news for the time being, yesterday's release of inventory data, aluminum ingots and aluminum rod destocking continued to slow down, electrolytic aluminum new production capacity launched faster, the overall fundamentals are weak
.
The price of alumina on the cost side has stopped falling, the price is maintained between 2700-2800, alumina has a large number of production capacity at home and abroad during the year, and it is difficult for the price to rebound in the short term under the abundant supply, and then it is expected to maintain the bottom shock
.
From a fundamental point of view, it is difficult for aluminum prices to rebound significantly, pay attention to whether there is sudden news to interfere with the market within the day, and hold short orders cautiously in the early stage
.