November 8 aluminum market afternoon review

Crude oil fell overnight, and the bottom recovery of Lun aluminum basically closed flat, closing at $
2339.
Shanghai aluminum opened high and closed at 18425.
Shanghai aluminum trading positions are rising, and the market sentiment is more optimistic
.
After the holiday, domestic consumption is better, and there is cost support
below aluminum prices.
Aluminum inventories rose slightly this week, and Shanghai aluminum may continue to fluctuate above 18,000 or rebound moderately in the medium term
.
Upper pressure 20000, lower support 17500
.

The pressure on the domestic supply side has eased, but SMM data shows that the total overseas production capacity reduction is 1.
538 million tons, and the latest Ghana VALCO aluminum plant due to the strike suspension of production is difficult to solve in time, if it is true that the overseas production capacity reduction can reach 1.
738 million tons, need attention
.

There was a small accumulation of stocks in various places, the transaction situation was significantly weaker than last week, the premium water had a narrowing trend, and the downstream was mainly
purchased by just demand.
At present, the weakening of the impact of the epidemic in Henan has driven the downstream start of aluminum to improve, but short-term epidemic factors will still restrict the production and transportation
of downstream enterprises.
In the short term, Shanghai aluminum is expected to be mainly volatile operation
.