August 20 aluminum market morning review

Overnight, Lun aluminum bottomed out and closed in the dark, opening flat at $
2563 today.
Shanghai aluminum opened sharply lower in overnight trading, and the shock rebound narrowed its decline, closing at 19875
.
Shanghai aluminum trading positions fell slightly, and market sentiment was biased towards
neutrality.
Global aluminum demand is better, driven by the external disk, Shanghai aluminum short-term shock
.
The trend of aluminum prices is significantly stronger than that of copper prices, and the midline is still likely to continue to rise
.
Upper pressure 22000, lower support 19000
.

After the release of the "dual control" report card in the first half of the year, the energy consumption of key electrolytic aluminum production areas such as Xinjiang and Yunnan did not meet the standard, which triggered the expectation of reducing production and increasing the code
.
In terms of supply, Yunnan implemented 30% and Guangxi joined, and the annual supply continued to decline from 39.
32 million tons to 39.
1 million tons.

In terms of consumption, August will enter a bottoming state, it will not be too bad, and the inventory in the peak season from September to November will go to a low level of 700,000 tons, which is still positive
for the price push.
We still give a positive assessment
of medium-term prices.
At present, macro sentiment is dominant, and the non-ferrous sector is under pressure as a whole, but under the support of strong fundamentals, aluminum prices are expected to be more resistant to decline; After the release of macro sentiment, the upward elasticity of aluminum prices is still expected to be relatively considerable
.