May 16 aluminum market afternoon review

On Friday, Lun aluminum bottomed out and turned higher, opening slightly higher at $
2840 today.
Shanghai aluminum opened high and rose to close in Zhongyang overnight, closing at 20685.
Shanghai aluminum trading rose and positions fell, and market sentiment was biased towards
neutrality.
The Russia-Ukraine conflict is still fierce and market uncertainty is high
.
The trend of Lun aluminum is weak, and the technical form of Shanghai aluminum has improved
.
Aluminum prices fluctuate at a short-term low level, the epidemic situation in Shanghai tends to stabilize in the medium term, the consumption side improves, and the internal market is expected to take the lead in stabilizing and rebounding
.
Upper pressure 22000, lower support 19000
.

Aluminum production capacity is still accelerating, and the operating rate of downstream processing leading enterprises increased by 1.
3 percentage points month-on-month to 58.
6%, which is still 6% lower than that before May Day
.
In the future, many automakers in Jiangsu, Zhejiang and Shanghai will gradually resume work, which may stimulate the start of automotive aluminum processing enterprises to pick up
.
At present, the cost pressure of upstream enterprises has eased under the condition of low prices, which will also drive the enthusiasm of
enterprises to produce.
Under the expectation of the easing of the epidemic and the resumption of production, Shanghai aluminum is still expected to recover in the short term, but the upper range is limited before consumption really rises, focusing on 19800-20800 yuan
.