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Aluminum market morning comment: overnight external aluminum prices closed down, the market is expected to maintain violent interest rate hikes by the Federal Reserve
.
LME three-month aluminum prices fell 0.
31% to $2250/mt
.
The inner disk fluctuated in a narrow range and closed slightly higher
.
The main 2212 contract closed at 17925 yuan / ton
.
In the morning, the activity of the spot market has cooled down, the enthusiasm of downstream stockpiling has declined, and on-demand procurement is the mainstay, traders still have a certain degree of enthusiasm, and the holding force is slightly insufficient
.
The mainstream trading price in Shanghai is 17,980 yuan / ton, which is basically flat with futures
.
Guangdong continued to go to storage due to the lack of arrivals, and the transaction price spread continued to strengthen compared with East China, around 18260 yuan / ton
.
The Fed's interest rate hike landed, Powell said that the December rate hike may slow, but will not pause the rate hike, still supporting the dollar to continue to strengthen
.
At present, the fundamentals of the domestic market still lack obvious drivers, the current consumption has not improved significantly, and the expectation is pessimistic
.
Although there is news of production reduction on the supply side, the overall recovery of output and the increase in imports have not changed, but the market arrival continues to be low under the disturbance of the epidemic, and the explicit inventory has declined
.
At present, under the condition that the macro is pessimistic and the fundamental contradictions are temporarily limited, aluminum prices still maintain a volatile trend
.
It is recommended that interval operations prevail
.