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Today's aluminum prices fluctuated and fell, and the session picked up, but affected by the overall sluggish sentiment of the nonferrous market, the market fell again, coupled with the close of 3 p.
m.
, the main 2109 contract of Shanghai aluminum closed down at 19955, down 340, or 1.
68%.
Recently, due to the Fed meeting to reduce QE expectations, the market's risk aversion has intensified, the colored market has generally declined, coupled with the current global epidemic situation has not improved, macro sentiment has weakened overall; Domestically, the short-term basic face of price support has weakened, inventory has accumulated slightly, it is expected that Shanghai aluminum will continue the momentum of correction, short-term need to be vigilant against the risk of re-exploration, the main focus on the support
above 19600.
Under the off-season, it is expected that domestic inventories will return to historical lows in September and October
.
This makes it possible that in the next 4-5 months, there will be a pattern of demand recovery and supply will continue to be limited
.
Therefore, aluminum prices are expected to remain strong under the influence of power cuts in August, and later reach new highs
with the continuous decline of social inventory.
