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October 8 Shanghai aluminum morning review

 Last Update: 2022-12-13
 Source: Internet
 Author: User

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The main force of Shanghai aluminum was closed during the 1811 National Day and closed at 14310 yuan / ton
on September 28.
On the whole, the macro atmosphere has not yet warmed up, the domestic heating season production is limited or less than expected, bearish aluminum prices, and it is expected that Shanghai aluminum will fluctuate within the day, with a range of 14300-14800
.
Stay tuned for the impact of
the news on price.
FYI
.

Shanghai aluminum

Yesterday, the official website of the central bank notified some financial institutions to reduce the RRR by 1 percentage point to replace the medium-term lending facility (MLF), the RRR reduction can release about 750 billion yuan, the news may boost the domestic market, it is expected that today's Shanghai aluminum operating range is 14200~14500 yuan / ton
.
The liter discount is expected to be between
30 ~ flat water.

In China, due to the expected failure of production restrictions in the heating season, new production capacity has also accelerated, and the tightest supply of domestic bauxite has also eased
with the use of imported mines.
The overseas alumina supply interference was temporarily lifted, and its support for external aluminum prices also collapsed, while the pressure on the US dollar to strengthen the external market was also greater
.
The domestic manufacturing PMI index fell in September, the downward pressure on macroeconomic growth did not abate, and the pressure of medium-term oversupply reappeared, which was not conducive
to aluminum prices.
The expectation of a recovery in consumption in the short-term peak season still exists, and Shanghai aluminum may be dominated by weak
shocks.
Operationally
, it is recommended to wait and see.

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