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On Wednesday, the main 10 contract of Shanghai aluminum rebounded after touching the key support level of 22,000, closing at 22,495 yuan / ton, up 0.
78%
from the previous session.
Today, the US dollar index remained stable overall, and the non-ferrous metals market was mostly red
.
By midday's close, Shanghai aluminum was up 1.
71%.
In terms of inventory, it is currently in an accumulation situation, with a weekly accumulation of 20,000 tons, and the water level has risen to 771,000 tons
.
Wuxi, Nanhai, Gongyi and Hangzhou contributed growth, while inventories in Shanghai declined
slightly.
In terms of fundamentals, Yulin City, Shaanxi Province issued news on dual control of energy consumption, involving a 50%
power cut.
The Yunnan Development and Reform Commission document calls for strengthening the control of the "double high" industry, and cement, aluminum and silicon have all faced production
cuts since September.
In September, the aluminum market entered the peak season, limited production, low inventory and warm demand will form a strong support for fundamentals, long-term optimism that aluminum prices continue to run strongly, short-term beware of strong policy regulation
.
