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Today's main contract of Shanghai aluminum fluctuated during the day, closing down 0.
03%.
Macro sentiment is better, but domestic supply increases demand without bright spots, lack of substantial positive boost, aluminum prices short-term upward momentum is insufficient, maintain a volatile trend
.
On the macro front, the US inflation data in July was lower than expected, and the Fed continued to aggressively raise interest rates in anticipation of weakening, which is positive for non-ferrous metals, but inflation is still at a high level
.
Aluminum prices are relatively weak among non-ferrous metals, only monthly contracts close in the red, mainly due to continued weak fundamental performance
.
At present, the sudden accident production reduction in Sichuan is expected to have little impact on the overall supply side, mainly because there is no large-scale production reduction, the overall output of electrolytic aluminum continues to rise, and supply pressure still exists
.
Consumption remained weak, under the background of seasonal off-season, demand is difficult to show bright performance, and the social treasury continued to accumulate this week, and the atmosphere of consumption off-season was obvious
.
However, the inventory warehouse receipts in Shanghai and London are at a low level, which has some support
below the aluminum price.
European energy is tight, but there is no new production reduction at present, and after the mood stabilizes, the support for aluminum prices is relatively limited
.
Domestic costs have signs of weakening, domestic thermal coal consumption or will gradually usher in an inflection point, although the daily consumption is high, but there are signs of turning downward, high output, high downstream inventory, if demand seasonal decline, prices are under pressure, which in turn leads to the collapse of aluminum costs
.
Overall, weak fundamentals inhibit aluminum prices, compared with copper and zinc, aluminum is obviously weak, overseas energy attributes lead to price has a certain support, but the weak spot market and terminal demand in turn suppress prices, the overall trend is more twists and turns, in the case of strong performance of other metals, short-term aluminum prices are difficult to fall
alone.
