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Aluminum market afternoon comment: lack of news stimulation, overnight Lun aluminum shock stabilized the end of the day up $2, Yunnan, Inner Mongolia and other places increased the control of electrolytic aluminum production reduction, short-term production impact will continue, it is expected that today's aluminum rise
.
Overnight, Lun aluminum fluctuated sharply to close Xiaoyang, opening sharply lower at $
2430 today.
Shanghai aluminum opened higher overnight, closing nearly 1% in Zhongyang, closing at 18555
.
Shanghai aluminum trading positions are rising, market sentiment is optimistic, there is strong support around the 60-day moving average and around 18000 below Shanghai aluminum, short-term Shanghai aluminum may continue to fluctuate the market
.
Upper pressure at 19000, lower support 60-day MA at 18000
.
Recently, the environmental protection inspection team entered Guizhou, and Guizhou electrolytic aluminum production capacity is facing pressure
to reduce production.
As of early June, China's electrolytic aluminum operating capacity was 38.
79 million tons, and the operating rate of national electrolytic aluminum enterprises was only 89%, mainly due to the fact that Yunnan and Inner Mongolia limited production, and it is expected that electrolytic aluminum operating capacity will continue to decline
slightly in June.
The social inventory of electrolytic aluminum is now only 926,000 tons, and the accumulation of ingots brought about by production restrictions has come to an end, and the subsequent inventory is expected to be declining
.
The national reserve has unresolved aluminum throwing, which puts some pressure
on aluminum prices.
Overall, the price direction of Shanghai aluminum is still upward, but the degree of volatility will increase
.
