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Aluminum market afternoon comment: the dollar jumped to a one-month high metal under pressure, overnight Lun aluminum closed down 0.
35%; The impact of power cuts on aluminum prices has declined, downstream demand is still light, short-term market supply and demand are weak, and aluminum is expected to fall
.
Crude oil rose sharply overnight, and Lun aluminum closed in a narrow range and opened slightly higher at $
2406 today.
After yesterday's sharp decline, Shanghai aluminum opened sharply higher in the night session, and the shock closed in a small negative, closing above the 20-day moving average at 18460
.
Shanghai aluminum trading positions are basically stable, and market sentiment is biased towards
neutrality.
Domestic consumption in the off-season is not good, but there is cost support below, and the mid-term market may continue to fluctuate above 18,000
.
Upper pressure 19500, lower support 17500
.
High temperature led to the expansion of aluminum plant production reduction, while Hydro also decided to close its smelter, aluminum spot strengthened, short-term aluminum prices are expected to rise and fall, but subject to the medium line supply and demand easing expectations, it is expected that the upper space is relatively limited
.
On the supply side: Daily production is expected to pick up
month-on-month in August.
Consumption: Downstream short-term demand rebounds weakly, and medium-term demand is pessimistic
.
Overall, domestic supply has grown sharply, the market has maintained pessimism about real estate demand expectations, oversupply and demand are significant, and aluminum prices may continue to be under pressure
.
