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August 8 aluminum market afternoon review

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

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Aluminum market afternoon comment: high energy prices, overseas aluminum refineries continue to reduce production, the next week Lun aluminum closed up 0.
75%; Domestic accumulation in August was less than expected, although the cost of aluminum still has support, but demand has not improved, and aluminum or a small decline
.

Aluminum City

Crude oil rose slightly on Friday, and Lun aluminum rushed back to close Xiaoyang, opening slightly higher at $
2423 today.
Shanghai aluminum opened slightly lower in the night session, and the shock closed the doji, closing at 18510
.
Shanghai aluminum trading fell and positions rose, and market sentiment was optimistic
.
The off-season is approaching the weakening of domestic consumption, but inventories continue to decline this week, and there is cost support below, and the market may continue the bottom shock around 18,000, or a moderate rebound trend
.
Upper pressure 20000, lower support 17000
.

The European energy crisis continues, and we are wary of the risk
of production cuts in European aluminum plants.
The growth rate of domestic electrolytic aluminum supply side has slowed down, still growing year-on-year, downstream consumption is still in the off-season, and demand is weak
.
Aluminum prices can be described as long and short intertwined
.
However, in the face of the global recession and the pressure of incremental domestic supply, cautiously chasing higher
.
This week, aluminum prices may show a trend of rushing back down, and are expected to fluctuate in the range of 1.
8-19,000
.

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