Aluminum prices are strong or difficult to sustain, and the actual consumption of the market is weak and will not change

Short-term large-scale production cuts have eased supply pressures, and there is an expectation
of tight supply during peak seasons.
However, against the backdrop of a generally poor economy, the overall weakness of real consumption will not change, and it is expected that it will not improve significantly in September
.
Short-term aluminum prices are strong or difficult to sustain.

On the macro front, yesterday's U.
S.
inflation-adjusted GDP for the second quarter fell by 0.
6% annualized, up from the previously reported contraction of 0.
9%, in addition, many Fed officials were vague about the extent of the September rate hike, and investors awaited Fed Chairman Jerome Powell's speech this evening Beijing time for further clues
on the pace of the Fed's rate hikes.

In terms of mine supply, the emergency of copper concentrate trading enterprises in Qinhuangdao continued to ferment, making the market still worried about copper concentrate trading, so some smelters began to clean up inventory, and market transaction activity rebounded
.
Therefore, the current domestic TC price is still maintained at a high position
of 73.
51 US dollars / ton.

In terms of consumption, the current high temperature power rationing also has a certain adverse effect on the demand side, and at the same time, due to the gradual tightening of the supply of goods, the price sentiment of the holders is more serious, which intensifies the wait-and-see attitude of downstream enterprises, so overall, the enthusiasm of downstream enterprises is relatively limited
.

In terms of stocks, LME stocks rose 0.
09 million tonnes to 122,100 tonnes
yesterday.
SHFE stocks remained at 0.
32 million tonnes
.

Overall, the current US dollar is strong again, for non-ferrous or there is a slight adverse impact, but the domestic production and power restrictions seem to have a more and more serious trend, superimposed on the current import customs clearance number is relatively limited, the supply of goods in a short period of time is relatively tight, the premium quotation remains high, although the power rationing will also have a certain impact on the downstream, but the current market focus is still focused on the supply side, so in this case, copper varieties are temporarily recommended to bargain hunting long
.