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Aluminum prices rushed higher in the early stage, and the risk of short-term correction intensified

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Today's Shanghai aluminum main month 2106 contract opened at 19575 yuan / ton, the highest intraday 19740 yuan / ton, the lowest 18880 yuan / ton, settled 19430 yuan / ton, and closed at 19315 yuan / ton, down 400 yuan
.
Today's Shanghai aluminum trend is weak, the decline in the afternoon expanded, market risk sentiment cooled, supply-side pressure is increasing, and there is pressure
above aluminum prices.

Aluminum prices

Today, LME three-month aluminum fell back to 2437 US dollars / ton at 15:01 Beijing time, down 17 US dollars, or 0.
69%,
from the previous trading day's settlement price.

In terms of the market, today's spot trading price of Yangtze River is 19650-19690 yuan / ton, down 140 yuan; Guangdong South Reserve reported 19690-19750 yuan / ton, down 180 yuan; Hua reported 19750-19770 yuan / ton, down 160 yuan
.
Holders actively selled, traders undercut prices, large households were enthusiastic about receiving goods, and the overall transaction was not satisfactory
.

In terms of fundamentals, this week's domestic social inventory decreased by 50,000 tons from the previous week to 1.
065 million tons, the recent inventory decline rate has slowed down, short-term aluminum ingot inventory is expected to continue to decline, aluminum prices after the early surge in short-term correction risk intensified
.
In the medium and long term, the promotion of new energy is conducive to aluminum downstream consumption, superimposed carbon neutrality, that is, domestic policies to suppress production capacity, aluminum price trend is still upward
.

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