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January 19 aluminum market noon review

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

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Aluminum market noon comment: LME aluminum inventory rebounded sharply, overnight Lun aluminum closed down $12 under pressure, China's aluminum production rose to an annual record high last year, and aluminum imports also reached a new high, it is expected that aluminum fell slightly today
.

Aluminum City

Overnight, Lun aluminum rushed back down to the 5-day moving average under pressure to close at $1970
.
Shanghai aluminum opened low overnight, and the shock downside closed slightly negative, closing below the 5-day moving average at 14900
.
Shanghai aluminum trading declined, positions rose slightly, and market sentiment was biased towards
neutrality.
Domestic inventories fell slightly this week, with strong support around 14500 below, and may continue to fluctuate
at 14500-15000 in the short term.
Upper pressure 15300, lower support 14500
.

In terms of fundamentals, inventories continued to fall slightly by 6,000 mt to 689,000 mt
this week compared with last week.
Consumption is likely to cool down in the first quarter, and inventories are expected to increase in the future, in addition, the medium-term supply increase trend is also worth paying attention to
.
Short-term aluminum prices have encountered support and may enter a shock
.

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