Brief review of Shanghai aluminum on September 3

Under the off-season of the market in August, the domestic social inventory did not show a large amount of accumulation in the past, but continued the trend of slight destocking, and the social inventory volume approached the low level of 750,000 tons at the end of the month, and under the peak season consumption expectations of gold nine silver ten, the inventory may further bottom; To a certain extent, in addition to the price support of different degrees of power cuts and production restrictions in various regions during the month, low inventories have also formed a strong promotion effect on the upward trend of aluminum prices
.

Macro speaking, the dovish remarks at the Powell central bank meeting undoubtedly gave a shot in the arm to bulls, and the market bullish sentiment was maintained; However, after a week of soaring nearly 1,000 yuan, the risk under the high price of aluminum has also surged, superimposed on the government and relevant departments on the determination to regulate commodity prices is still there, continue to chase the rise need to be cautious, short-term Shanghai aluminum has the risk of falling again, you can pay attention to whether the evening non-farm data is bright, if it is good again, the price downward range is still limited, the main force below can pay attention to 20500 support
.