Shanghai aluminum continued to fluctuate at a high level during the week, and the overall performance was slightly weak

This week, London aluminum accumulated a gain of 0.
3%; In the short term, in the macro sentiment is relatively stable, Lun aluminum continues to rise at a high level, focusing on the 2660 mark above, referring to the shock range 2550-2650 range
.

The impact of macro factors on aluminum prices gradually weakened during the week, and the market waited for the next round of interest rate meeting of the Federal Reserve, and the sharp weakening of the Sino-US manufacturing PMI in July to some extent indicates the slowdown in the current pace of economic recovery, the market bullish sentiment converged, and the rise in aluminum prices slowed down
.

The fundamentals are still in a dominant position, and with the further strengthening of power rationing policies in Yunguichuan and other places, aluminum companies have reflected that production capacity is seriously constrained, and the shortage of supply has formed a huge support for spot prices, pushing aluminum prices to maintain a shock operation above 19,500; in addition, due to the re-spread of the epidemic this week, Henan, Jiangsu, Zhejiang and Shanghai have issued restrictions notices, and some manufacturers have also begun to stop production and wait for the epidemic to improve, and the market arrival has plummeted
.

As of Friday, the spot aluminum price in East China was between 19890-19930 yuan / ton, up 60 yuan / ton
from last Friday.
The spot is basically maintained at a discount of about 30, and downstream enterprises just need to stock up on the dip
.
It is expected that spot aluminum will continue to fluctuate steadily
next week.