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Aluminum market afternoon comment: The weak US economy dragged down the market, and Lun aluminum closed down $13 overnight; This week's non-farm payrolls data before the market wait-and-see sentiment, coupled with the slowdown in domestic factory activity, aluminum price performance under pressure, today aluminum or a slight decline
.
Overnight, Lun aluminum bottomed out and rebounded sharply, closing in a small negative, opening slightly higher at $
2694 today.
Shanghai aluminum closed the doji with a slight oscillation in the night session, closing at 21085
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
Global aluminum demand is better, Shanghai aluminum short-term rise is too fast, there is pullback pressure, the medium line is still likely to continue to shock
upward.
Upper pressure 22000, lower support 20000
.
In terms of fundamentals, the pressure of dual control of energy consumption in Xinjiang, Inner Mongolia, Guangxi and other places has not decreased, and alumina and electrolytic aluminum are facing production reductions, driving the price of alumina up.
In August, due to the aggravation of cost pressure, except for the aluminum plate and strip plate, the PMI of aluminum downstream processing enterprises was below the boom-dry line; China Nonferrous Metal Industry Association recently put forward requirements such as ensuring supply and stabilizing prices, and the short-term aluminum price rally has been significantly suppressed, but the aluminum price is easy to rise and fall under the golden nine silver ten cycle, and the long-term aluminum price may maintain a strong operation
.
