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July 16 Shanghai aluminum afternoon comment

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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oxidized aluminum

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Yesterday, the main 2008 contract of Shanghai aluminum opened at 14465 yuan / ton in the morning, opening with a slight fluctuation, and then fluctuating in a narrow range of 14450-14500 yuan / ton; In the afternoon, it rose slightly to around 14560 yuan / ton, and then fell back to gains, and finally closed at 14475 yuan / ton
.
The main force of Shanghai aluminum opened at 14485 yuan / ton overnight, fell more than 100 yuan at the beginning, and then continued to decline, the intraday low was 14240 yuan / ton, and the end closed at 14305 yuan / ton
.
Market optimism has dissipated slightly, some funds profit to understand the withdrawal, the spot end is still high premium, the futures price has some support, it is expected that today's Shanghai aluminum main operating range is 14100-14500 yuan / ton
.

Shanghai aluminum

The price of Chinalco East China AOO aluminum ingots was 14820 yuan / ton, down 80 yuan
.
Aluminum ingot import profits remain high, market circulation has increased significantly, impacting the spot market, while sluggish overseas demand hinders aluminum exports, aluminum exports fell to a new low since February 2019 in June, and spot aluminum prices are expected to fall
today.

Near the recent domestic aluminum ingot social inventory continues to decline, short-term may still fall, the current futures show a clear back structure, the market for the improvement of medium and long-term demand is still cautious
.
With the rise in prices, the profits of aluminum companies have improved significantly, and the upward space of aluminum prices is narrowing, but the limited short-term increase in supply and the recovery of consumption have made the price remain strong
.
Operationally, it is recommended to leave the site for the time being
.

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