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Aluminum market afternoon comment: the European Central Bank raised interest rates by 50 basis points in anticipation of a sharp rise, overnight London aluminum closed down 1.
73%; The global energy crunch is still the biggest threat to economic growth, and bearish factors remain, and aluminum may fall.
Crude oil rose slightly overnight, and Lun aluminum fell back to close in the shade, opening slightly higher at $
2399 today.
Shanghai aluminum opened high and closed low in the shade, closing at 18245
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
The off-season is approaching the domestic consumption side began to weaken, and the trend of Shanghai aluminum weakened, but cost support exists, and the future market may fluctuate
around 18,000.
Upper pressure 20000, lower support 17000
.
The Fed's interest rate hike expectations still exist, the macro atmosphere at home and abroad is not good, coupled with the decline in demand under the off-season cycle, the decline in the aluminum ingot social treasury continues to narrow, and it is expected that the inflection point of the accumulation will now and the accumulation trend will continue
for a long time.
Aluminum prices have reached a new low, and have now fallen back to near the cost line, some aluminum plants are in the negative profit range, and there is news of new production cuts overseas, but domestic supply has not been affected, and the level of Nissan continues to rise
.
If there is no policy guidance or new large-scale production reduction news, aluminum prices may continue to operate weakly in the near future
.
