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On Wednesday, the Shanghai aluminum shock operation closed the doji, the market trading is general, recently stimulated by the news of a sharp interest rate hike in the periphery, the bearish atmosphere is strong, and the technical repair
after the market falls.
From the perspective of the plate, Shanghai aluminum is dominated by fundamentals, paying attention to the fermentation of repeated pledge news on the fundamental warehouse receipt, or forming a bearish
effect on the plate.
On the macro side, large-scale new production capacity has become a hot spot
for the alumina industry in 2022.
In only half a year, 7.
2 million tons/year of new production capacity has been put into production, and it is expected that the new scale will reach 8 million tons/year throughout the year
.
Such a large-scale increase in production occurred in the years after 2005, when various capitals entered in large numbers, driven by alumina demand, and China's alumina industry developed
rapidly.
With the resumption of work and production, the operating rate of aluminum processing enterprises recovered month-on-month, but overseas demand faced downward pressure
.
In terms of the market, Shanghai spot aluminum ingots quoted 18220-18260 yuan / ton, the average price was 18240 yuan / ton, down 790 yuan / ton from the previous trading day, and the 2207 contract was posted 50 ~ 10 yuan / ton
.
Shanghai aluminum fell sharply early in the day, and as of the midday close, the main contract fell 685 yuan / ton, down 3.
64%.
Holders reported a premium to the 07 contract at 30 yuan / ton, aluminum ingot spot fell with the market, and holders in the East China market reported an average price / ton up and down to hear the transaction
.
The enthusiasm of large households to receive goods during the day was weak, and the receiving price in the East China market was around 18240 yuan / ton
.
Aluminum prices continued to fall, market sentiment was pessimistic, and the overall transaction of the market was relatively light
.
In terms of inventory, the social inventory of aluminum ingots at home and abroad is at a low level, and domestic aluminum ingots maintain destocking, which forms a certain support
for aluminum prices.
The impact of repeated pledging events has faded in recent days, but market concerns remain.
At present, the domestic aluminum market consumption has not improved significantly, and the pressure of capacity growth still exists, which has suppressed
aluminum prices.
At present, the epidemic affects peripheral energy and high inflation, and global commodities are under pressure with expectations that the peripheral Fed and European interest rate hikes will continue
.
From a technical point of view, the indicator shows a short arrangement, the RSI2 value is around 35, it is recommended to pay attention to the short-term pressure level above 19000, and participate in volatile short trading
.
