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Overnight, the main force of Shanghai aluminum 2209 closed at 18655, down 75, LME aluminum closed at 2517 up 20.
5 macro aspect: the US CPI rose 8.
5% year-on-year in July, also lower than expected, and the increase in June was 9.
1%, reducing the market's expectations for aggressive interest rate hikes in September; Electricity prices in Europe hit another record high, and the energy market is in jeopardy
.
On the macro front, the US July CPI data was lower than expected, and cooling inflation eased the pressure on the Fed to continue aggressive rate hikes, and investors now expect a greater chance of a 50 basis point rate hike in September than 75 basis points
.
This loosens the pressure margin on the macro side, which further reduces the possibility
of a rapid and deep fall in aluminum prices in the future.
The domestic supply side has risen steadily, Sichuan aluminum plant suddenly reduced production, but the magnitude of the impact is not large, downstream demand is weak, aluminum inventory continues to accumulate, spot continues to weaken, it is expected that the accumulation trend will form, superimposed on the risk of deterioration of Sino-US relations, aluminum prices form a continuous downward pressure
.
