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September 25 aluminum market afternoon comment

 Last Update: 2022-12-19
 Source: Internet
 Author: User

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Aluminum market afternoon comment: Overnight Lun aluminum once fell sharply and rebounded sharply back above the 60-day moving average, opening flat at $1747.
5 today
.
After the sharp decline in the daily trading yesterday, Shanghai aluminum bottomed out and turned higher overnight, closing at 14015
.
Shanghai aluminum trading rose and positions fell, domestic spot supply and demand are close to balance, market sentiment is biased to wait and see, there is little willingness to stock up in the pre-holiday decline, and there is still a possibility of continuing to decline in the short term, and the risk is higher
.
The upper pressure of Shanghai aluminum is 14500, and the lower support is 13500
.

Aluminum City

The price of Chinalco East China AOO aluminum ingot was 14230 yuan / ton, down 360 yuan
.
Recently, the social inventory of aluminum ingots continued to decline, but aluminum companies resumed production and more new production capacity was released, and aluminum production fell slightly month-on-month, but the market is still optimistic about the demand outlook, and it is expected that spot aluminum prices will rise or fall limited
today.

Under the strength of the US dollar index, the recent decline in industrial products is obvious
.
The aluminum bearish factors in the market are expected (high profits under the increase in production), in the macro weakening, bears choose to take the initiative to enter, considering that the current smelting profit is still around 1000 yuan / ton, there is still room for profit compression, aluminum prices began to turn weak
.

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