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August 26 aluminum market afternoon comment

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

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energy production

european markets today

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Aluminum market afternoon comment: the weakening of the US dollar supported metal prices, and London aluminum closed up 0.
37% overnight; Europe added another aluminum company to reduce production due to high energy, but the domestic market cautiously raised to suppress the upside of aluminum prices, and aluminum is expected to fall
.

Aluminum City

Crude oil continued to rise overnight, and Lun aluminum rushed back to close Xiaoyang, opening slightly higher at $
2428 today.
Shanghai aluminum opened sharply lower in the night session, and the shock closed in a small negative, closing at 18910
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic consumption is not good in the off-season, but under the energy crisis, there is cost support below, and the market may continue to fluctuate above 18,000 in the medium term
.
Upper pressure 19500, lower support 17500
.

The recent fermentation of the energy crisis, frequent production cuts at home and abroad, and the weakening of supply pressure after the total shutdown in Sichuan, the contradiction between supply and demand that is expected to be greatly surplus has been significantly alleviated
.
However, demand has not yet come out of the off-season, and the continued weakness of real estate makes it difficult for aluminum consumption to improve significantly for the time being, and the continuous rebound is still facing resistance
.
Watch for the impact
of Powell's speech at the annual meeting of global central banks, which begins today, on financial markets.

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