November 3 aluminum market afternoon comment

Crude oil rose slightly overnight, and the Lun aluminum shock closed in a small negative, closing at $
2250.
Shanghai aluminum opened high and closed at 17925.
Shanghai aluminum trading positions fell slightly, and market sentiment was biased towards wait-and-see
.
After the holiday, domestic consumption is better, the peak season is coming, aluminum inventories continue to decline this week, and there is cost support
below aluminum prices.
Short-term aluminum prices were stimulated by the news to fall rapidly, and the medium-term outlook was biased towards the positive
.
Upper pressure 20000, lower support 17500
.

The overnight rate hike was in line with expectations, and the negative impact was limited; The latest domestic data shows that the social treasury has declined compared with last week, but this round of destocking is not caused by the recovery of consumption, but mostly due to difficulties
in arrival.
On the spot, because the price of aluminum is at a low level, there is a reluctance to sell in Wuxi area, the Gongyi area has been affected by the epidemic for a long time, the spot resources in the market are very tight, and although the price of aluminum has rebounded, it is still at a low level below 18,000, and the downstream and traders are more active
.
It is expected that Shanghai aluminum is expected to return to fluctuations above 18,000 in the near future, and the short-term or performance of the trend is volatile
.