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On Friday, Lun aluminum opened at 2133 US dollars / ton, the Asian session Lun aluminum fluctuated upward, the trend was steady, entering the European trading session to continue the shock strong market, once touched 2153.
5 US dollars / ton, then the US dollar opened the upward mode, the US consumption data performance exceeded expectations, the base metal was under pressure and fell, Lun aluminum fell back to the low level of 2116 US dollars / ton, closed at 2118 US dollars / ton, the position increased by 5054 hands to 641,000 hands, short positions increased
.
Pay attention to the August Caixin PMI data during the day, and it is expected that the probability is weaker than expected, and the intraday operating range of London aluminum is 2105-2135 US dollars / ton
.
On the macro front, the huge volatility of the colored sector last week shows that the current nonferrous metal is still focused on the macro political game, the current US midterm elections are imminent, the global trade frictions have not shown signs of cooling and other important factors are intertwined, and the risk of macro uncertainty in September may be more severe
.
At present, domestic consumption is still weak and there is no obvious sign of recovery, but production is also recovering slowly, and the market is weak in supply and demand
.
The rising price of raw materials continues to push up costs, which will dominate the trend of aluminum prices
.
In the short term, a new round of US tariffs on China will once again cause market concerns or frustrate
prices.
The short-term rise in aluminum prices is blocked, and the medium-term upward trend remains unchanged
.
Operationally, it is recommended to maintain the idea of pullback
buying.
