The aluminum market returns to fundamentals and the upward action of aluminum prices can be weakened

Externally, the LME aluminum March contract opened slightly higher at $2,260 in the morning, after which the price fluctuated, falling to $2,240 before the Asian market closed, and finally closing at $2,241.
5, down $2.
5, or 0.
11%.

In terms of the market, the price quotation of electrolytic aluminum in Shanghai Nonferrous Metals Trading Center was 14300-14340 yuan / ton, down 100 yuan / ton from the previous trading day, the spot returned to the discount to C50-C10 yuan / ton, the shipment of holders increased during the day, all brands of aluminum ingots in the market, excluding the interference of VAT, the spot was reported back to the discount state, the middleman received the goods at a multi-pressure price, and the overall trading situation was slightly weaker than before the holiday, and the performance was slightly average
.

Market News:

1.
Trump's revised sanctions plan against Russia paved the way for aluminum giant Rusal to escape the blacklist and ease supply panic in the metals market, which shocked the market last month
.

2.
The United States will extend the exemption period for steel and aluminum tariffs on the European Union, Canada, Mexico, Argentina, Australia, Brazil and other economies to gain time
for relevant negotiations.

Overall, the enthusiasm of Rusal's hype has dissipated, the aluminum market has basically returned to fundamentals, and the upward action of aluminum prices can be weakened
.
The overall domestic inventory pressure is still there, and with the full liberalization of aluminum enterprises, oversupply concerns still exist, which puts greater pressure
on aluminum prices.
On the technical side, Shanghai aluminum main KDJ dead cross, MACD dead cross, short-term price around the 60-day moving average oscillation, the upper huge gap is difficult to repair, the rising pattern is bad, the operation is mainly
wait-and-see.