March 15 aluminum market afternoon review

Thermal coal rose sharply overnight, with aluminum tumbling nearly 5% overnight to close near recent lows at $3,315
.
Shanghai aluminum opened slightly lower in overnight trading, oscillating below the 5-day moving average to close slightly negative, closing at 21730
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
The conflict between Russia and Ukraine eased, market sentiment weakened, short-term continued adjustment, medium-term fundamentals were slightly optimistic, and Shanghai aluminum may fluctuate
around 21,000.
Upper pressure 23000, lower support 20000
.

Domestic overnight aluminum shocks are dominant, downstream stocking has improved as a whole, domestic aluminum social inventory destocking inflection point has appeared, and market trading has turned good
.
Near the delivery date, the average price of large households received the goods, the market spot circulation was tight, and the market transaction price was mainly
flat water and small premium water of the network price.
After the driving effect of financial forces, aluminum prices return to their own fundamentals, considering that the current domestic market supply is sufficient, and the downstream operating rate is limited, it is expected that the supply and demand of the domestic aluminum market will remain balanced
in the short term.
However, as the accumulation range of inventory is gradually slowing down, under the expectation of strong consumption in the downstream peak season, destocking has arrived, and it is recommended to go long
on the dip.
In the future, we need to wait for new price anchors to appear
.