July 29 aluminum market noon comment

Crude oil fell slightly overnight, and Lun aluminum rushed back to close in Zhongyang, opening slightly higher at $
2470 today.
After yesterday's sharp rise, Shanghai aluminum fluctuated at a high in the night to close the doji, closing at 18705
.
Shanghai aluminum trading is stable, positions are rising, and market sentiment is optimistic
.
The off-season is approaching the weakening of domestic consumption, but cost support exists, inventories rose slightly this week, and the market may rebound
moderately.
Upper pressure 20000, lower support 17000
.

The Fed's interest rate hike landed as scheduled, and Powell's dovish remarks calmed the market
.
Aluminum price medium and long-term pressure continues to exist, after the short-term rebound tends to turn to shock, August interest rate hike window period market focus temporarily returned to fundamentals, low inventory low warehouse receipt state price elasticity, but accumulation pressure will gradually appear, the rebound strength needs to be verified by consumption, it is expected that around Wanjiu will be under pressure
.