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Last Friday night, Shanghai aluminum continued to fluctuate strongly to the 10,000-nine mark
.
The Fed sold reserves lower than expected, and the short-term market gap remains
.
Last week, the social inventory of aluminum ingots fell by less than 20,000 tons, and the speed of destocking slowed down, but it is expected to continue for a while, and the warehouse receipts in the last period were only less than 80,000 tons
.
As aluminum prices again approach the upper edge of the volatility range, focus on the effectiveness
of the resistance above the previous high of 19,000.
In terms of news, the Shandong provincial government issued an announcement that it will strictly control the "double high" project, and it is expected that the new electrolytic aluminum production capacity in Shandong Province will be difficult to land
.
Aluminum imports in May were 220,000 tons, down 19.
8% from the previous month, and the import impact will weaken.
The social inventory of electrolytic aluminum fell to 874,000 tons, indicating that the terminal demand was better
.
The details of the national reserve aluminum throwing announced, the first aluminum throwing volume was 50,000 tons, which was lower than the market expectation, and the impact on the electrolytic aluminum market was limited
.
Overall, there is strong
support below aluminum prices.
On the macro front, the Delta strain continued to spread, and the epidemic rebounded in many Western countries; China has entered the off-season, the demand slowdown has slowed significantly, the expectation of tightening the currency at the macro level has strengthened, while the momentum of economic recovery has weakened, and the market trend has entered the transformation stage, and it is recommended to take short
positions at the high.
