Macro-level peripheral risks increase short-term aluminum prices remain bearish

In terms of external disk, Lun aluminum opened at 1786.
5 yuan / ton
in the morning.
During the Asian session, Lun aluminum maintained a narrow range of oscillation, touching 1789 US dollars / ton at a high in the afternoon, and Lun aluminum was reported at 1782.
5 US dollars / ton
as of 15:00.
During the European session, Lun aluminum volatility weakened, piercing the 5-day moving average low to touch 1776 US dollars / ton, as of 17:41 Lun aluminum was reported at 1778.
5 US dollars / ton
.
Under the influence of factors such as the strong domestic Shanghai aluminum and the easing of trade frictions, it is expected that Lun Aluminum will continue to move
steadily up along the 5-day moving average.

In the spot market, the performance of aluminum in the month was range-bound
.
The transaction price of Shanghai Wuxi market is between 14150-14170 yuan / ton, the flat water to the premium of 20 yuan / ton, compared with the previous day's price fell around 80 yuan / ton, a large household received a small amount of goods around 14180 yuan / ton in the morning, and the spot transaction price in the Hangzhou market was between
14160-14170 yuan / ton 。 In the morning, a large household received more than 10,000 tons, the price was more recognized by the holder, the carrier shipped very actively, and the middleman received the goods actively, but with the completion of the receipt of the goods by the large household, the enthusiasm of the transaction between traders fell, and the price began to concentrate around 14150-14160 yuan / ton, and the actual transaction was not as good as in the
morning.
Although the price of spot aluminum ingots fell from the previous day, it was still at a relatively high level, and the downstream fear of heights did not change, and a small number of on-demand goods were not
purchased.
In the late afternoon, aluminum rose, and a small amount of market transactions were concentrated around 14160-14180 yuan / ton, and the premium for the month was 10-20 yuan / ton, only some transactions between traders, and almost nothing
downstream.

Yesterday's Shanghai aluminum intraday night trading remained volatile, and the main contract closed at 14200
.
After the sentiment of typhoon speculation dissipated, the downward trend of Shanghai aluminum was not smooth, and the price fluctuated between
14100-14200.
From a fundamental point of view, short-term electrolytic aluminum does not have a clear upward momentum, the supply of electrolytic aluminum from January to July this year did not grow much, and the dematerialization of inventory or more from the supply side, further verifying the weakness
of consumption.
At present, the price of alumina remains low, the profit of the electrolytic aluminum industry continues to expand, and the new production capacity is accelerated, while downstream consumption is still in the off-season, the outbound continues to decrease, and the inventory of aluminum rods fluctuates higher
.
The external risks at the macro level have increased, combined with the weakness of fundamentals, and the short-term aluminum price is still bearish, and it is recommended that short orders continue to be held
.