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Aluminum market afternoon commentary: oil prices climbed to a new high in more than seven years, and Lun aluminum closed up $29 overnight; Recently, the supply disruption and the decline in the output of Guangxi's aluminum industry have slowed down the release of domestic supply, and aluminum may rise
today.
Shanghai aluminum overnight high fell back to close slightly negative, closing at 22645
.
Lun aluminum encountered resistance pullback near the front high, and the short-term technical pattern was biased towards neutral
.
In the medium term, aluminum fundamentals are better, and the Shanghai aluminum short-term adjustment below 24000, is still expected to continue to rise in the medium term
.
Upper pressure 24765, lower support 21000
.
From a fundamental point of view, there are many short-term supply-side disturbance factors of aluminum, and due to the epidemic problem in China, the transportation in southwest China has been blocked, and the production of alumina and electrolytic aluminum has been affected; Overseas, geopolitical issues have led to high energy prices, and production costs for aluminum plants are under pressure
.
Over the weekend, the situation in Russia and Ukraine escalated again under the rendering of Europe and the United States, it is recommended to pay attention to the changes in energy prices next week, if crude oil and natural gas rise sharply, or drive aluminum prices further higher
.
