The macro atmosphere is bearish and the upward support of aluminum prices is insufficient

In terms of market, Shanghai transaction concentration is 13930~13950 yuan / ton, the discount for the month is 70~60 yuan / ton, Wuxi transaction concentration is 13930~13950 yuan / ton, Hangzhou transaction concentration is 13930~13950 yuan / ton
.
Holders of stable shipments, middlemen take advantage of the space caused by the upward movement of aluminum, receive goods more actively, downstream enterprises purchase on demand, and the overall transaction is more active, mainly between traders
.

In terms of inventory, during the day, the aluminum warehouse receipt of the previous period was 762933 tons, down 1752 tons
from the previous trading day.
As of July 2, LME aluminum stocks fell by 6,725 tonnes to 1,107,400 tonnes
.

Industry news, Rusal sanctions trigger supply uncertainty Japan's aluminum premium rose to the highest
in more than three years in the third quarter.
According to foreign news on June 29, four sources directly involved in pricing negotiations said that Japan's aluminum premium for the July-September season was finalized at $132 per ton, up 2% from $129 per ton this quarter, as U.
S.
spot aluminum premium rose, and Rusal sanctions triggered supply uncertainty
.
Good news
.

The "Opinions on Innovation and Improvement of the Price Mechanism for Promoting Green Development" was recently released
.
The NDRC held a press conference to introduce the relevant situation
.
The National Development and Reform Commission said that the first is to implement a stricter differentiated electricity price policy
for high-energy-consuming industries.
The second is to increase the implementation of
peak and valley electricity prices.
The third is to put forward some new measures and supplements
.
Reduce the cost of electricity and support the development of the environmental protection industry, that is to say, we reduce the cost
of electricity consumption by these enterprises in the environmental protection industry.
The message is bearish
.

On the whole, domestic and foreign inventories continue to decline, and the Shanghai-London ratio is still low, which is good for the trend of aluminum prices
.
With the support of fundamentals, it is expected that aluminum prices will have little downside
.
Technically, the daily K-line is under pressure on the 10-day moving average, the KDJ indicator is a dead cross, and it is expected that the main force of Shanghai aluminum 1808 oscillation is weak, and the operating range is 13750--14250, for reference
only.