Shanghai aluminum short-term focus on whether it can stop the decline and start a shock

On the macro front, the global market risk appetite is optimistic, the impact of the epidemic and the US election is gradually declining, the central banks of Europe and the United States jointly released water, the US dollar continued to fall rapidly, risk assets rose collectively, and safe-haven assets fell
.
Domestic benefits are frequent, home appliances and automobiles go to the countryside, fiscal policy and monetary policy are loose, etc.
, and the overall demand for non-ferrous metals is expected to improve
significantly.

In terms of fundamentals, midstream inventories continued to decline, supply and demand remained tightly balanced overall, and strict control of production capacity continued to stimulate price rally
.
According to statistics, the total social inventory of electrolytic aluminum on Thursday was 600,000 tons, an increase of 04,000 tons
from the previous Thursday.
Although the social inventory of electrolytic aluminum has rebounded this week, it is not yet possible to confirm whether an inflection point has appeared
.
Last week's aluminum inventory fell by 12,000 tons to 220,000 tons
.
Overall, domestic aluminum inventories are still at a low level
.

From the perspective of futures, Hulun aluminum maintained a bullish trend and continued to attack upward, but after hitting an important resistance band, it fell rapidly to varying degrees, focusing on whether it could stop the decline in the short term and launch a shock
.
Next week, aluminum prices are expected to be strong consolidation
.