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Shanghai aluminum afternoon comment on September 8

 Last Update: 2022-12-22
 Source: Internet
 Author: User

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Overnight, the main Shanghai aluminum 2110 closed at 21735, up 5, LME aluminum closed at 2768, up 0.
5; macro, exports in August in US dollar terms increased by 25.
6% year-on-year, and imports increased by 33.
1% year-on-year, higher than expected
.

Shanghai aluminum

In terms of fundamentals, SMM stocks on the 6th reported 744,000 tons, down 0.
5 from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 155,500 tons, an increase of 06,500 tons from last Thursday; August unwrought aluminum and aluminum exports were 490,000 tons, an increase of 21,000 tons from the previous month, and exports grew
steadily.
Recently, production cuts in power rationing and dual-control areas such as Guangxi have not yet started to reduce production, but the scale of production reduction in the early stage is large, and the supply increment is limited
.

Power cuts and production cuts are frequent, supply constraints are expected to be strong, consumption has entered the peak demand season, tight supply and demand have strong support for prices, and it is recommended to go long on the dip in the medium term; Short-term consumption performance is average, funds continue to flow out, and the association has severely stated that it curbs the irrational rise in aluminum prices, and it is recommended to wait and see
.

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