echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > August 23 aluminum market afternoon comment

    August 23 aluminum market afternoon comment

    • Last Update: 2022-12-25
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Aluminum market afternoon comment: U.
    S.
    stocks weakened to a two-week low, and overnight Lun aluminum closed down 0.
    21%; The overseas energy crisis is persistent, and the expansion of domestic power rationing has led to weak supply and demand, and downstream receiving goods is mainly wait-and-see, and aluminum is expected to rise
    slightly.

    Aluminum City

    Crude oil rose on Friday, and Lun aluminum bottomed out to close in the negative, opening slightly higher at $
    2395 today.
    Shanghai aluminum opened sharply lower in overnight trading, rising to close Xiaoyang, closing at 18550
    .
    Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
    .
    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
    .

    In late August, safe-haven demand may push the dollar index higher, and non-ferrous prices are under
    pressure.
    At present, overseas is still showing a state of destocking, demand has limited support for non-ferrous prices, and non-ferrous prices may maintain a weak adjustment trend
    in the short term.
    From the perspective of scrap aluminum fundamentals, the supply continues to be tight, but the overall may be eased; Downstream recycled aluminum enterprises gradually improve capacity utilization
    .
    In the case of double increase in supply and demand, it is expected that prices will continue to maintain a volatile trend in late August, with limited
    upper and lower space.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.