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February 24 aluminum market afternoon comment

 Last Update: 2022-12-21
 Source: Internet
 Author: User

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Aluminum market noon comment: The Federal Reserve warned that economic uncertainty remains, overnight Lun aluminum closed down $21 under pressure, global primary aluminum production continued to grow, entering the accumulation cycle but the overall is still low, it is expected that today's aluminum rise and fall is not much
.

Aluminum City

Overnight, Lun aluminum briefly hit a new high of $2180 before retreating to close at $2154
.
Shanghai aluminum opened slightly lower in the night session, stabilizing at the 5-day moving average to close at 16705
.
Shanghai aluminum trading positions are relatively stable, driven by copper prices, market confidence is strong, short-term aluminum prices may continue to be high, but there are certain hidden dangers
in the lack of spot demand.
The trend of Shanghai aluminum is weaker than that of Shanghai copper, and it may fluctuate at a high level, so it is not suitable to chase more
for the time being.
Upper pressure 16925, lower support 16000
.

Powell reiterated in the congressional hearing that monetary easing will continue until there is substantial progress in economic recovery, and the dollar index will remain low and volatile
.
Data released on Monday showed that the social inventory of electrolytic aluminum rose to 1.
022 million tons, and the market's negative factors for the rise in inventory were basically released
.
With the acceleration of economic recovery in the United States and other economies, and the strengthening of inflation expectations, aluminum prices are expected to perform
well after the holiday.

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