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June 4 aluminum market noon review

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Aluminum market noon comment: the dollar index jumped to a three-week high, overnight Lun aluminum closed down $30 under pressure, China's primary aluminum production will continue to grow in the next few years, there is still pressure on the supply side, and it is expected that aluminum will fall
today.
Overnight, Lun aluminum fell under pressure on the 5/20-day moving average to close in the long negative, opening slightly higher at $
2408 today.
Shanghai aluminum opened low and fell to close slightly negative in the night, closing at 18275
.
Shanghai aluminum trading stable position declined, market sentiment biased to wait and see, short-term Shanghai aluminum may continue to fluctuate the market, pay attention to the support around 18000 below
.
Upper pressure at 19000, lower support 60-day MA at 18000
.

Aluminum City

The latest small-scale non-farm ADP data performed stronger than expected, while jobless claims fell below 400,000 last week and the labor market data improved significantly, and the dollar index rose sharply, putting pressure on non-ferrous metals
.
The social inventory of electrolytic aluminum continues to decline, now only 954,000 tons, the accumulation of ingots brought about by production restrictions has come to an end, and the subsequent inventory is expected to be downward
.
As the price fell, downstream orders increased significantly, and the aluminum rod processing fee once rose to 1,000 yuan / ton
.

The trend of destocking continues after the recent limited power supply in the aluminum market has shrunk sharply, and the fundamental support is still there, but the market rumors that the dumping of reserves next week may land to turn the mood, the adjustment or not over, wait and see for the time being and wait for the news to become
clearer.

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