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Overnight Shanghai aluminum shock.
The contradiction between supply and demand of the large surplus in China has been significantly alleviated, and the accumulation is expected to decrease during the year, and with the lifting of power cuts in the southwest, some enterprises have begun to promote the resumption of
production.
Demand is still dragged down by weak real estate, and the market has expectations for gold and silver consumption, but there is also a risk
of falsification.
Shanghai aluminum has temporarily found support near the lower edge of the rebound channel since 17,000 yuan, and continues to be treated
as a shock in the short term.
On the news, the manufacturing PMI rose to 49.
4% in August, up 0.
4 percentage points from the previous month, indicating that the economic level has rebounded; Alcoa's Norwegian Lista aluminum plant (94,000 tons) plans to reduce production by 1/3 due to high energy costs, involving a reduction of 31,000 tons
of production capacity.
On Friday, the Fed and the European Central Bank were determined to raise interest rates to control inflation, denying that the recession will slow down or even cut interest rates, which affected metals; Basically, the spot transaction is acceptable, and there are continuous news of production cuts, and the recovery of supply is blocked, but the short-term market macro sentiment pressure is greater, and the price shock is expected to be weak
.
