Global stock markets are weakening aluminum prices have not survived alone

On Monday, the main 2010 contract of Shanghai aluminum fell sharply, opening 18480 yuan / ton in the day, 18055 yuan / ton low, closing 118075 yuan / ton, down 660 yuan / ton, -3.
52%, and the center of gravity of Shanghai aluminum shock rose slightly higher
in overnight trading.
After hitting a new low of $2130 / ton, Lun aluminum rebounded slightly, closing at $2134 / ton, down $33 / ton
.

In the market, the average price of spot Yangtze River was 18460 yuan / ton, down 250 yuan / ton, to -45 yuan / ton
in the month.
The average spot price of Nanchu was 18480 yuan / ton, down 250 yuan / ton, and the discount for the month was 25 yuan / ton
.
Due to lower prices in the spot market and stocking before the National Day, consumption improved slightly, and the transaction discount also narrowed
.
According to my nonferrous metal network, on September 26, the social stock of aluminum ingots was 647,000 tons, down 19,000 tons from Thursday, and the social stock of aluminum rods was 111,500 tons, down 14,500 tons
from Thursday.

On the macro front, Fed Mester said further rate hikes are needed and a restrictive stance
is needed for some time.
The Fed is committed to using its tools to reduce inflation to its 2 percent target
.

Industry news, Inner Mongolia Baiyinhua aluminum power company 500KA electrolysis series one-time power success, Baiyinhua a total of 400,000 tons of new investment, this year plan to put into production 150,000 tons
.

On the whole, the Fed and the world's crazy interest rate hikes have triggered high recession expectations, and the impact of the escalation of geopolitical conflicts in the Russia-Ukraine conflict, the market risk appetite has weakened significantly, the global stock market has weakened, and aluminum prices have not been spared
.
Fundamentals, the recent import window on the supply side was once opened, and some of the imported aluminum ingots flowed into the bearish, and the consumer side was enthusiastic about the reserve before the November holiday
.
With the support of good consumption and the early production reduction of electrolytic aluminum in Yunnan, there is still some resistance in the decline in aluminum prices, and the lower edge of the recent shock box may still be supported, showing a weak shock trend
.
Recently, the lower support of the main force of Shanghai aluminum is 18,000 yuan, and the upper pressure is 19,000 yuan / ton
.