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August 10 aluminum market morning review

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Aluminum market morning comment: the US dollar index continued to strengthen, putting pressure on metal prices, overnight aluminum prices continued to fall, London Stock Exchange three-month aluminum prices fell 1.
14% to 2554 US dollars / ton
.
Shanghai aluminum overnight gap opened low, but then rebounded, the main 2109 contract closed below 19850 yuan / ton
.

Aluminum City

In the morning spot market, there were ups and downs, and the lack of arrivals made the circulation of goods limited, and the holders raised prices, but the overall consumption was not good, and the downstream on-demand procurement was the mainstay
.
The mainstream trading price in Shanghai is around 19,900 yuan / ton, which is about 30 percent lower than that of futures
.
The mainstream transaction price in Guangdong is around 20100 yuan / ton
.

The Fed's tapering expectations and the spread of the current epidemic continue to affect market sentiment, and risk appetite has declined, which is not conducive
to the current aluminum price.
However, due to the intensification of supply-side interference, output has been greatly affected, and explicit inventories have continued to deteriorate, forming a strong support
for prices.
Operationally, it is recommended to go long with
callbacks.

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