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Non-ferrous metals generally fell on Friday night, and Shanghai aluminum fell below the rising trend line
since the 17,000 yuan rebound.
Domestic aluminum fundamentals are still weak, downstream demand continues to be sluggish, and the difficulty of shipment increases, while aluminum ingot inventories are still facing cumulative pressure, and aluminum may fall.
Recently, the fundamentals have been stable, there has been a small reduction in production on the supply side, and the growth rate of production capacity has slowed down, but consumption has not improved significantly, the pressure of accumulation has gradually emerged, social inventories have accumulated slightly for three consecutive weeks, and the shortage of warehouse receipts near delivery has also eased
.
Shanghai aluminum may continue to adjust to test support around Wanba
.
On the macro front, the year-on-year growth rate of the US CPI in July fell compared with the previous month, and the market fell from 75 basis points to 50 basis points
for the September interest rate hike.
Domestically, the July social finance data was less than expected, and the market performance was relatively pessimistic
.
In terms of fundamentals, the high supply of electrolytic aluminum supply continues
.
Social inventory is beginning to show a trend of accumulation, concentrated in the Foshan area
.
Demand: Weak real estate demand and the recovery of automobile demand are the current situation of aluminum terminal consumption, but the gap in real estate aluminum demand cannot be effectively made up at
present.
At present, under the pattern of weak demand, the cost side has begun to move down, and the spot market has a large discount, indicating that the purchaser does not recognize, so the market has no reason to support the rise, and the trend is bearish
.
