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Shanghai aluminum was dragged down by most of the domestic base metals, the night show continued to bottom, down to the low level of recent months, but the cost support below is still obvious, Shanghai aluminum current fundamentals are still difficult to say optimistic, high inventory, peak season demand has not appeared, bears continue to suppress, but the cost support below can not be underestimated
.
At present, the fundamentals of Shanghai Aluminum are difficult to change, and it is expected that the short-term will be mainly sorted out in a narrow range of 13500-14000 yuan
.
The trade war triggered by the imposition of steel and aluminum tariffs by the United States continues to heat up, and the macro downturn has continued to make the market pessimistic, and near the end of the month and quarter, the market funds are tightening, and aluminum prices are under pressure
.
However, last week's electrolytic aluminum inventory began to decline, indicating that downstream demand is returning, because the market has expectations for the return of downstream demand season, which supports aluminum prices
.
On Friday, the main contract of Shanghai aluminum opened at 13785 yuan / ton, the initial short position increased pressure, aluminum price weak down to touch 13670 yuan / ton, then short liquidation market under the Shanghai aluminum repair part of the decline, closed at 13750 yuan / ton, Shanghai aluminum index position decreased 5774 hands to 782768 lots, today pay attention to inventory data changes, it is expected that the main contract of Shanghai aluminum shock operation at 13700 ~ 13870 yuan / ton, spot discount maintained around 120 ~ 80 yuan / ton
。
