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August 16 aluminum market morning review

 Last Update: 2022-12-25
 Source: Internet
 Author: User

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Aluminum market morning comment: the US dollar index strengthened sharply, crude oil prices fell sharply, overnight external metals continued to decline, LME three-month aluminum prices as low as $2380 / ton, closing at $2403.
5 / ton
.
Shanghai aluminum opened low and dived after the night, but then rebounded, closing slightly below 17930 yuan / ton
at the end of the day.

Aluminum City

In the morning spot market trading is still light, holders lowered their quotations, but downstream on-demand procurement is the mainstay, traders participate cautiously, and the overall transaction is insufficient
.
The mainstream trading price in Shanghai is around 18210 yuan / ton, which is about 200 yuan discount to futures
.
The mainstream transaction price in Guangdong is around 18100 yuan / ton
.

The terminal real estate market continued to be weak, and the end consumer market such as automobiles in the off-season also performed poorly, which made the overall consumption performance poor
.
The poor domestic economic data in July exacerbated pessimistic market expectations
.
Although Sichuan's industrial power cuts have recently led to a certain degree of local production reduction, the impact on overall output is relatively limited
.
Weak fundamentals combined with economic downturn concerns have weakened short-term aluminum prices again
.
Operationally, it is recommended to take short positions at high prices
.
Pay close attention to whether the scale of production cuts will be further expanded
.

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