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Aluminum market morning comment: The U.
S.
Senate has reached a bipartisan agreement to extend the emergency debt ceiling until early December, and the outer metal line strengthened
overnight.
The London Stock Exchange three-month aluminum price closed up 1.
55% at $2942/mt
.
The large-scale power cuts in China before the National Day holiday caused downstream aluminum processing enterprises to reduce production
on a large scale.
After the holiday, with the easing of electricity consumption in major aluminum processing areas such as East China and South China, processing plants are expected to resume operation quickly, and consumption will also improve
significantly.
The supply side is still facing pressure to continue to compress, and even if the power supply is restored, it is difficult for production capacity to recover
quickly.
In addition, the pressure of dual control of energy consumption has not been reduced, and some northern production areas are also facing the pressure
of limiting production in autumn and winter.
Therefore, consumption is expected to improve after the holiday, and the fundamentals will improve, supporting aluminum prices to strengthen
again.
Pay attention to inventory changes after the holiday
.
