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After the holiday, aluminum prices rose again after the futures market adjustment, and rushed above
23500 over the weekend.
Middlemen gradually return to the market, and downstream purchases
on demand.
The long-term rally of Shanghai aluminum remains unchanged, and after the short-term adjustment, it accelerates upward rush, once hitting a record high, and pays attention to the continuation of
the follow-up trend.
The long-term rally of London aluminum remained, and last week continued to accelerate the upward offensive, surprise the all-time high around 3400, pay attention to the continuation of the situation
.
On the macro front, there was a lot of economic data during the week, China's currency data was stable, PPI rose significantly, and US unemployment data continued to improve
.
Since October, with the slight signs of easing Sino-US relations and the improvement of the US domestic debt ceiling game, the financial market as a whole will resume its rally
.
In the context of frequent style switching in the current financial market, non-ferrous metals still show resilience in turbulent times, and their price elasticity is mainly due to the continuous fermentation of hot concepts such as new energy and new infrastructure and carbon neutrality, and the promotion of tight supply and demand of copper and aluminum under the dual control policy of energy and low inventories.
From a fundamental point of view, the fundamentals are bullish and unchanged, the dual control of energy consumption continues to push up coal prices sharply, and the power shortage continues to drag down supply
.
On the supply side, domestic power curtailment and dual control of energy consumption still continue to interfere with the release of electrolytic aluminum production capacity, and there is a risk of production reduction due to the impact of limited electricity in Qinghai and Ningxia, and with the arrival of the dry period in Yunnan, the supply will be further tightened
.
Power cuts at the consumer end still interfere with the operation of processing enterprises, and aluminum profile manufacturers have limited the impact of electricity and gas shortage, and production has declined
.
The latest inventory data shows that the domestic aluminum ingot social library has accumulated, and it has been accumulating for four weeks
.
From the perspective of futures, Hulun aluminum continued to accelerate its strong upward rush after the adjustment, creating or approaching a record high
.
Pay attention to the cumulative effect
of the country's recent intensive regulation and control policies on coal and electricity markets.
Next week, aluminum prices are expected to continue to maintain a volatile upward trend
.
Watch for continued strength for subsequent bulls
.
