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Aluminum market afternoon comment: U.
S.
consumers' confidence in the economic outlook declined, overnight aluminum shock after the end of the close down $1, the pressure on production capacity gradually increased, the cost side remained weak, it is expected that aluminum will fall
today.
Overnight, Lun aluminum rushed back down, and the sharp shock closed the small black line
.
Shanghai aluminum opened low and fell to close in the shade overnight, closing at 14625
.
Shanghai aluminum trading is stable and positions are declining, 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
.
In terms of fundamentals, alumina remained sluggish and anode prices continued to rebound; Electrolytic aluminum production capacity rebounded, resumption of production capacity increased, and Yunnan's new production capacity slowed down; On the 22nd, SMM aluminum ingot inventory reported 700,000 tons, an increase of 05,000 tons from last Thursday; imported aluminum ingots in September fell 31% from 17.
15 month-on-month; On the 26th, the spot trading in the three places was weak, and the downstream fear of heights was strong, and the premium dropped
sharply.
The US election is approaching, and market volatility is increasing; The market is still in a state of high premium, the long squeeze effect is strong, the high volatility is significant, and the short-term wait-and-see is the mainstay
.
