July 8 aluminum market noon comment

Overnight, Lun aluminum rushed back down and closed in the green and closed in the clouds, opening flat at $
2487.
5 today.
Shanghai aluminum overnight trading rushed back to close slightly negative, closing near the 20/60-day moving average at 18830
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
Global aluminum demand is better, and the strong trend of London aluminum may drive Shanghai aluminum
.
Shanghai aluminum below the 18000 around the support is strong, short-term volatility, medium-term is expected to shock upward
.
Upper pressure 19500, lower support 18500
.

Market hot spots and investment logic: The minutes of the Fed's June meeting were not as hawkish as previously expected, and the state often mentioned that "the timely use of monetary policy tools such as RRR cuts has warmed up market sentiment
.
" After entering July, the disturbance of Yunnan's power rationing on the supply side of electrolytic aluminum will gradually subside, and some electrolytic aluminum plants will begin to resume production, and the supply pressure will gradually increase
.
At present, downstream consumption has entered the seasonal off-season, aluminum rod processing fees continue to decline, and the range of inventory destocking has slowed down, but the low inventory still has some support
for aluminum prices.
On the whole, the current market sentiment is warming, and it is expected that the price of Shanghai aluminum may rebound slightly in the short term, but the fundamentals of Shanghai aluminum continue to weaken, and Shanghai aluminum does not have room
for a sharp rise.