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Aluminum market afternoon comment: the deterioration of the epidemic in Europe and the United States hit market sentiment, overnight Lun aluminum closed down $21, production capacity release supply pressure is greater than the previous period, but the current low inventory operation provides support, it is expected that aluminum will stabilize
today.
The EU launched an anti-dumping investigation
into aluminum conversion foil products originating in China.
Overnight, Lun aluminum fell sharply to close the long black candlestick, falling back above the 20-day moving average
.
Shanghai aluminum opened slightly lower in the night session before rising to close at 14755
.
Shanghai aluminum trading positions have declined, and the market tends to be cautious
.
The sharp fall in the external market may drag down the internal market, while the domestic spot is basically stable, and it is expected that Shanghai aluminum may fall back to around
14500.
The upper pressure of Shanghai aluminum is 15000, and the lower support is 14000
.
At the beginning of the week, the social inventory of aluminum ingots was basically flat from last Thursday, and the warehouse receipts in the previous period were around
100,000 tons.
Customs data showed that electrolytic aluminum imports in September were 170,000 tons, down 30% month-on-month, and the increase in domestic production partially offset the reduction in imports, and the consumption performance was still strong
.
The low inventory state is expected to continue, and the spot premium of aluminum ingots will continue to support Shanghai aluminum at about 150 yuan, and aluminum prices are expected to maintain a volatile pattern
.
