June 17 aluminum market afternoon comment

Biden began to release US crude oil inventories, crude oil fell sharply, but Russia began to interrupt European gas supplies, and the energy issue remained the main logic
.
After a series of sharp declines, Lun Aluminum rebounded sharply after the overnight interest rate hike landed to close in Zhongyang, opening 0.
5% higher at $
2628 today.
Shanghai aluminum opened high and rose to close in 20025.
Shanghai aluminum trading positions are down, and market sentiment is biased to wait and see
.
The uncertainty of the Russia-Ukraine conflict is high, and the domestic consumption side has improved
.
Shanghai aluminum Lun aluminum below the reflects a certain support, Shanghai aluminum trend is significantly stronger than Lun aluminum, Shanghai aluminum may continue to rebound
after the shock.
Upper pressure 22000, lower support 20000
.

After the Fed's aggressive interest rate hike landed, the market traded recession expectations, U.
S.
stocks and crude oil led the general sharp correction in commodities, and the internal and external aluminum prices created a stage low, but the fundamentals were not very bad
.
As aluminum ingot inventories continue to decline and aluminum prices fall, spot discounts turn to premiums, and the willingness to purchase bargains may increase
.
Under the short-term macro shock, funds and sentiment led Shanghai aluminum to find the bottom and pay attention to the rebound opportunity
.