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Aluminum market afternoon commentary: geopolitical risks escalated, overnight aluminum closed up 2.
16% and hit a new high; The shortage of overseas energy continues to aggravate supply concerns, and the seasonal consumption of domestic downstream picks up, and aluminum may rise
slightly today.
Thermal coal fell overnight, and Lun Aluminum rose more than 4% to a new high of $3,480 before falling back to close at $3,365
.
Shanghai aluminum opened sharply higher in overnight trading, rushed back down and turned down, closing at 22845
.
Under the conflict between Russia and Ukraine, energy problems and doubtful production capacity of Rusal support aluminum prices, and are expected to continue to rise
in the medium term.
Shanghai aluminum short-term volatility below 24000 is gaining momentum, and it is still possible to continue to oscillate upward in the medium term
.
Upper pressure 24765, lower support 21000
.
At present, the deterioration of the situation in Russia and Ukraine has led to a sharp decline in global stock markets, and the market is worried that the energy crisis caused by sanctions against Russia has led to a general strengthening
of commodity prices.
The strong trend of Shanghai aluminum volatility is expected to continue, and in the short term, pay close attention to inventory changes and changes in the political situation in Russia and Ukraine
.
