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After the noon open, aluminum prices rose all the way, the main force soared to around 19,200, as of the close, the Shanghai aluminum 2201 contract closed up at 19220, up 390, or 2.
07%.
In the short term, affected by macro sentiment and supported by destocking, aluminum prices will maintain a sharp upward trend, but in the long run, there is still the possibility of a high pullback; Today's overnight Shanghai aluminum trend may be dominated by a slight decline and stabilization after rushing higher
.
In terms of inventory, the supply is now tightening expectations, the social inventory has a certain degree of destocking trend, the superimposed cost effectiveness is gradually increasing, it is expected that the decline space of electrolytic aluminum is limited, and the price of aluminum has begun to stabilize
.
However, the upward momentum is still not strong enough, and it is still necessary to continue to pay attention to the continuous destocking of
social inventory.
On the macro front, Biden recently signed a bill to allow Congress to raise the debt ceiling with a fast procedure, in addition to the US CPI recorded a 40-year high, boosted by it, most non-ferrous metals turned red today, and Shanghai aluminum returned to the range above 19,000 after a week of shock stabilization
.
