Aluminum market noon review on December 4

Aluminum rod stocks rose 0.
37 million tonnes from last Thursday to 72,700 tonnes
.
Overnight, Lun aluminum fell sharply to close the long black candle, closing at $
2015.
Shanghai aluminum bottomed out and rebounded to the lowest around 15800 before rebounding to close at 16090
.
Shanghai aluminum trading is stable, positions are declining, and the market wait-and-see sentiment is strong
.
Domestic spot supply and demand balance, after the collapse of Shanghai aluminum market sentiment tends to be neutral, the upward momentum is insufficient, and the short-term may fluctuate
around 16000.
The upper pressure of Shanghai aluminum is 17000, and the lower support is 15800
.

Electrolytic aluminum inventories accumulated slightly on Thursday, and the market was worried that the strong demand side was difficult to sustain, and Shanghai aluminum showed a large correction
.
On the supply side, the ceiling of electrolytic aluminum production capacity has been set, the subsequent new production capacity is limited, and the import data of electrolytic aluminum in October has declined, and the supply pressure will not be too great
in the later period.
On the demand side, construction aluminum and automotive aluminum have improved significantly, and the terminal demand for electrolytic aluminum is difficult to deteriorate in the short term, and inventories will not accumulate significantly, and low inventories still support
aluminum prices.
Overall, the fundamental drive is still upward, and Shanghai aluminum should not be overly bearish
.