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August 19 aluminum market morning review

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

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Aluminum market morning commentary: hawkish signals released by the Fed minutes hit market risk appetite, the dollar index strengthened, and metal prices fell
.
Overnight, the London Stock Exchange three-month aluminum price fell 0.
5% to $2563/mt
.
Shanghai aluminum night trading also fell
.
The main 2109 contract fell below 20,000 and closed below 19,970 yuan / ton
.

Aluminum City

In the morning, the overall transaction volume of the spot market rebounded, with holders showing reluctance to sell, and downstream concerns about the decrease in arrivals and active purchasing
.
The mainstream trading price in Shanghai is around 20,340 yuan / ton, which is about 20 percent lower than that of futures
.
The mainstream transaction price in Guangdong is around 20510 yuan / ton
.

The minutes of the Fed meeting showed that tapering of bond purchases within the year is likely, and concerns about tightening liquidity pushed up risk aversion, which was bearish for aluminum prices
.
However, the fundamentals of the aluminum market are strong, the supply side continues to be suppressed, production is declining, and the market expects consumption to pick up in the peak season, providing strong support
for aluminum prices.
Operationally, it is recommended to go long
after the callback.

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