July 6 aluminum market afternoon comment

Overnight, Lun aluminum rushed back down sharply to close the doji, opening flat at $2558 today
.
After the daily rise of Shanghai aluminum, the night high fell back to close in the small negative, closing at 19120
.
Shanghai aluminum trading positions are declining, and the internal market sentiment is more conservative
.
Global aluminum demand is better, and the strong trend of London aluminum may drive Shanghai aluminum
.
The support around 18,000 below Shanghai aluminum is strong, and it is expected to fluctuate upward
in the medium term.
Upper pressure 19500, lower support 18500
.

On the macro front, ministers from the OPEC+ alliance of the Organization of the Petroleum Exporting Countries and its allies halted oil production talks on Monday, meaning producers have yet to agree
on an increase in production.
Macro Fed's monetary policy has entered a stage of discussion and adjustment, while fundamentals have entered an off-season, showing a further slowdown trend, while the momentum of internal and external economic recovery has declined, and the market has entered a stage of high volatility
.

In terms of fundamentals, demand performance in the off-season is weak, while aluminum rod processing fees are low, increasing the pressure of aluminum ingot inventory, SMM inventory on the 5th reported 863,000 tons, down 1.
3 from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 132,500 tons, an increase of 11,000 tons from last Thursday; the export of unwrought aluminum and aluminum products in May was 439,000 tons, a slight increase of 18,000 tons from the previous month, and the export performance was stable; the import of aluminum ingots in the same period was 97,300 tons, down 58,300 tons
from the previous month.