There is no significant improvement in fundamentals, and the upward support for aluminum prices is weak

Overnight, affected by the time of zinc production reduction caused by European power, although there is no further significant reduction in production in overseas aluminum smelters, as a large electricity user, the trend of aluminum prices is affected by market sentiment, and aluminum prices inside and outside the night market are higher
.
In addition, the inventory of aluminum warehouse receipts in the last period continued to decline to a low level to boost the trend of Shanghai aluminum, the inventory of warehouse receipts in the last period continued to decrease to a historical low of 59,000 tons, and there was a soft forced position market under the extremely low inventory, and the price difference in recent months quickly widened to more than 200 yuan.

Although the short market can indeed temporarily help aluminum prices, if the market reversal still needs fundamentals to provide upward momentum, but in the short term, aluminum fundamentals may maintain a pattern of strong supply and weak demand
.
At present, although some aluminum smelters have lost money, except for Sichuan's production reduction due to power problems, there is no more production reduction expected, production is slowly increasing, and supply pressure still exists
.
In the context of the seasonal off-season, the demand side may remain weak in the short term, and the social treasury has cumulative expectations, and on the whole, the basic upward support of aluminum prices is weak
.

For the current trend, affected by European energy, aluminum prices have rebounded slightly, making the recent trend more tortuous, repeatedly oscillating between 1.
8~18,600 yuan / ton, but in the downward cycle of demand, the impact of speculation on the supply side is limited, combined with the impact of recent domestic low warehouse receipts, it is recommended to wait and see
for the time being.