Price support weakened, and the rebound in aluminum prices was blocked and retreated

Last week, the trend of London aluminum was relatively strong, and it has now stood firm at the 1700 mark, testing the 1800 pressure level above, with a cumulative weekly increase of about 4.
1%; During the week, various domestic and foreign data performed brightly, and the global economic recovery is expected to be good, supporting the upward shock of Lun Aluminum; However, Sino-US relations have not yet eased, macro uncertainties in the short term are greater, aluminum prices or continue to fluctuate at a high level, and Lun Aluminum can continue to pay attention to fluctuations in
the range of $1740-1800.

In terms of the market, prices fell last week, and the enthusiasm of downstream enterprises to purchase has increased compared with last week, but multi-dimensional procurement on demand, and there are not many stocking merchants; Holders are concerned that prices continue to fall, shipments increase, the market is in good supply, and the overall transaction is slightly better than last week
.

In East China, electrolytic aluminum accumulated inventory last week, weakening price support, and under the influence of the off-season, aluminum price rebound was blocked and declined
.
Last week, the overall performance of aluminum prices fluctuated downward, East China spot aluminum around 15,000 resistance, as of Friday, the price was around 14700-14740 yuan / ton, down 270 yuan / ton
from last Friday.

In South China, as of Friday, the price of Foshan Nanhai aluminum ingot tickets was between 14870-14970 yuan / ton, down 320 yuan / ton from last Friday; The decline was wider than in East China, mainly due to
a more pronounced increase in inventories in South China last week.
In terms of transactions, under the influence of the off-season, downstream enterprises just need to stock up, and most of the transactions are contributed by traders
.

In terms of stocks, last week's domestic social electrolytic aluminum stocks, Shanghai 114,000 tons, Wuxi 21.
3 tons, Hangzhou 98,000 tons, Gongyi 32,000 tons, South China Sea 202,000 tons, Tianjin 58,000 tons, Linyi 05,000 tons, Chongqing 3,000 tons, consumption of aluminum ingot stocks totaled 725,000 tons, an increase of 13,000 tons
from last Thursday.

After entering August, the off-season market gradually appeared, and the overall trend of Shanghai aluminum last week was weak, with a cumulative weekly decline of about 0.
8%; In the short term, aluminum prices continue to fluctuate at a high level under the support of favorable macro expectations and low inventories, but at present, domestic inventories have accumulated slightly, while the decline in demand coupled with the continuous growth of the supply side has led to the overall fundamentals of the current aluminum market is empty, on the other hand, the continuous deterioration of Sino-US relations has also formed a certain negative for aluminum prices, it is recommended to cautiously chase up, in order to prevent the high level from falling, aluminum prices or continue the shock trend, Shanghai aluminum main force above can continue to pay attention to 15,000 pressure level, below support 14,000
。