Aluminum prices rose rapidly and it was difficult to break through in the short term

In terms of the external market, Lun aluminum opened at 1754 US dollars / ton in the morning, climbed up during the Asian trading session, and began to fall high after a short break around 1760 US dollars / ton, and after entering the European trading session after struggling to rise without success, again blocked at the 1760 US dollars / ton mark, two upsides did not break through, then LME inventory report increased by 26850 tons, an increase of more than 2%, Lun aluminum consecutive small black line fell to 1751 US dollars / ton intraday low, as of 18:30 Lun aluminum low slightly rebounded, It finally closed at $1755/ton, with a volume of 5709 lots minus to 2152 lots, closing at the small white line, and the center of gravity fell below
the 10/40 daily moving average.

In terms of the market, aluminum futures maintained range-bound
volatility before noon of the month.
Shanghai and Wuxi market spot quotations concentrated between 14120-14140 yuan / ton, the opposite plate premium between 30-50 yuan / ton, the price of the previous day rose around 30 yuan / ton, Hangzhou noon spot price transaction concentrated between
14130-14150 yuan / ton.
Aluminum prices continue to rise, the morning holders actively shipped, the middlemen received goods more actively, the two sides traded actively, after 10:30 spot transaction heat fell back, the holders' enthusiasm for shipment did not decrease, but the middlemen at this time it was more difficult to recognize the price, and the transaction between the two sides began to show a stalemate
.
Downstream manufacturers mainly purchase on demand, and they are more wait-and-see about high prices, and their initiative to buy goods is not high
.
In the late afternoon, the aluminum shock floated, and the quotations of holders were concentrated at 14150-14160 yuan / ton, and the opposite surface was around 30-40 yuan / ton, and the market performance in the afternoon was light and the transaction was very small
.

Recently, the inventory of aluminum ingots has continued to decline, and the destocking range is large, the outbound volume continues to be higher than the same period of previous years, and the fundamentals have maintained marginal improvement
.
However, the supply-side electrolytic aluminum production capacity is still slowly increasing, it is difficult to have a shortage during the year, the price of alumina on the cost side continues to decline slightly, the profit of electrolytic aluminum continues to expand, and there are no obvious positive factors
on the supply side.
Consumer-side real estate and infrastructure are still optimistic in the medium term, but the increase in automobiles and power grids is expected to be limited
.
The strengthening of copper prices has a certain driving effect on aluminum, but the resistance of Shanghai aluminum wansi is large, from the plate point of view it is difficult to break through in the short term, the current Shanghai aluminum contract presents a negative structure, the market is pessimistic about the forward price, and it is recommended to maintain the strategy
of selling short far month contracts at high prices.