August 31 Shanghai aluminum brief comment

On the macro front, Powell extended his dovish stance at the global central bank meeting on Friday, which was positive for commodities
.
However, on Monday, the China Nonferrous Metals Industry Association held a video conference on electrolytic aluminum supply and price stabilization, saying that it will do a good job in ensuring the supply and price of bulk commodities, preventing malicious speculation and irrational sharp rises in aluminum prices, and it is recommended to pay attention to future policy guidelines and beware of a sharp correction
in aluminum prices due to macro-control.

At present, in the context of the continuation of loose monetary policy, macro sentiment is generally good, the external aluminum price has broken through the historical high, and Shanghai aluminum continues strongly, although major enterprises and the National Development and Reform Commission are interested in suppressing excessive upward prices, but the supply-side contradiction and low inventory on the price support is still strong, coupled with the recent reserve dumping range is small, on the market has a certain positive effect, short-term aluminum prices will maintain a high level of strong operation, there may be a moderate correction within the week, but the overall bias idea remains unchanged; The main force of Shanghai aluminum temporarily pays attention to the shock range of 2.
12-21,600, and the operation continues to hold more orders in the early stage, and a small amount of downstream bargaining can be replenished; it is expected that spot aluminum will continue to rise tomorrow
.