January 29 aluminum market afternoon review

Overnight, Lun aluminum fell sharply, and then closed the doji sharply, closing below the 60-day moving average at $
1981.
5.
Shanghai aluminum opened slightly higher in the night session, rushed back down to close the small white line, and closed below 14910
on the 20th.
Shanghai aluminum trading rose and positions fell, and market sentiment was neutral
.
At present, in the off-season, demand is insufficient, and Henan's environmental protection production limit has a low impact, but it forms support below aluminum prices, and may continue to fluctuate
at 14500-15000.
Upper pressure 15500, lower support 14500
.

Affected by the expectation of tightening liquidity, nonferrous metals fell collectively, and Shanghai aluminum fell the least
.
Fundamentally, domestic output in January was about 3.
3 million tons, up 8% year-on-year, and the supply increase was obvious
when imported goods arrived at Hong Kong.
In terms of consumption, the seasonal weakening of terminal orders in January was transmitted
to processing and procurement.
Supply and demand have weakened, and short-term transportation problems are difficult to change the accumulation trend and then reduce aluminum prices, targeting the 14500-14800 range
.
From a medium-term perspective, the long-term new production landing is lower than expected, and the high base of consumption in 2020 guarantees the total long-term consumption, which greatly eases the long-term supply pressure, and the medium-term aluminum price turns to a volatile view
.
In terms of rhythm, the momentum of destocking in the peak season is still there, and it is optimistic that aluminum prices and price spreads will strengthen
after the holiday.