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Aluminum market afternoon comment: U.
S.
stocks weakened to a two-week low, and overnight Lun aluminum closed down 0.
21%; The overseas energy crisis is persistent, and the expansion of domestic power rationing has led to weak supply and demand, and downstream receiving goods is mainly wait-and-see, and aluminum is expected to rise
slightly.
Crude oil rose on Friday, and Lun aluminum bottomed out to close in the negative, opening slightly higher at $
2395 today.
Shanghai aluminum opened sharply lower in overnight trading, rising to close Xiaoyang, closing at 18550
.
Shanghai aluminum trading positions are declining, and market sentiment is biased towards wait-and-see
.
Domestic consumption in the off-season is not good, but there is cost support below, and the mid-term market may continue to fluctuate above 18,000
.
Upper pressure 19500, lower support 17500
.
In late August, safe-haven demand may push the dollar index higher, and non-ferrous prices are under
pressure.
At present, overseas is still showing a state of destocking, demand has limited support for non-ferrous prices, and non-ferrous prices may maintain a weak adjustment trend
in the short term.
From the perspective of scrap aluminum fundamentals, the supply continues to be tight, but the overall may be eased; Downstream recycled aluminum enterprises gradually improve capacity utilization
.
In the case of double increase in supply and demand, it is expected that prices will continue to maintain a volatile trend in late August, with limited
upper and lower space.
