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Aluminum market afternoon comment: the dollar strengthened, the next week London aluminum plunged 3.
34%; Domestic aluminum fundamentals are still weak, downstream demand continues to be sluggish, and the difficulty of shipment increases, while aluminum ingot inventories are still facing cumulative pressure, and aluminum may fall.
Crude oil tumbled on Friday, with aluminum falling to close in the long negative, opening slightly higher at $
2,440 today.
Shanghai aluminum fell sharply overnight to close in the shade, closing near the 20-day moving average at 18280
.
Shanghai aluminum trading is stable and positions are declining, and market sentiment is biased towards wait-and-see
.
The off-season is approaching the weakening of domestic consumption, and inventories rose this week, but there is cost support below, and the market generally continues to fluctuate above 18,000
.
Upper pressure 19500, lower support 17500
.
Macro bearish suddenly frequent, social finance data lower than expected, real estate default risk still exists, US congressmen visiting Taiwan to create political risks are bearish aluminum prices
.
The only support in the short term is Sichuan power curtailment disturbed electrolytic aluminum production
.
Technical open, aluminum price daily fell below the upward trend line, the upward trend temporarily broke, the lower support between 18100-18200, it is recommended to wait and see
for the time being.
