Brief review of the aluminum market on July 7

Last week, Shanghai aluminum fluctuated at a high level
.
Recently, domestic and foreign economic data has continued to improve, and market optimism and abundant liquidity have supported strong commodity prices
.
Last week, aluminum ingot stocks fell by only 10,000 tons, outbound volumes fell, aluminum rod stocks rebounded and processing fees were reduced
.
The inventory inflection point is approaching, and the fundamentals show signs
of weakening.
However, driven by macro benefits and funds, the aluminum ingot spot market is still strong, the premium is high, the warehouse receipt in the last period is only 90,000 tons, and the short-term Shanghai aluminum is expected to remain at a high level in the short term under low inventory

On the macro front, the US ISM non-manufacturing PMI in June hit its highest level since February this year, and the business activity index hit its highest
level since February 2011.
Eurozone retail sales in May: 17.
8%; Expectations: 15%; Previous: -11.
70%.

Driven by the surge in A-shares and the better-than-expected economic data from the United States and Europe, global market sentiment was high, risk assets rose across the board, and non-ferrous metals continued to soar to new highs
.

In the short term, the market is supported by the spot end to continue to be high, but the recent decline in the operating rate of aluminum enterprises, the follow-up spot may gradually enter the off-season, pay close attention to the spot situation in the later stage, the current price risk is high, and the future market has the risk
of rushing back down.
Shanghai aluminum upper pressure 14300, lower support 13500
.