September 1 aluminum market noon comment

With the orderly recovery of industrial electricity consumption in Sichuan, aluminum plants began to resume production, and the continuous resumption of electrolytic aluminum production in Sichuan-Chongqing area is a high probability event
.
The demand side is still dragged down by the real estate sector and is in a weak state, spot transactions are still poor, and inventories have accumulated slightly
.
However, it takes time to restore the shutdown capacity, and considering that the demand season is approaching, the inventory pressure is temporarily limited, and the room for aluminum prices to fall is relatively limited, pay attention to the progress of aluminum plant resumption and the cashing of
the consumption season in September.

Crude oil fell sharply overnight, and Lun aluminum bottomed out to close in the clouds, opening slightly higher at $2362 today
.
Shanghai aluminum opened sharply lower in overnight trading, rushed back down and fell slightly, closing at 18380
.
Shanghai aluminum trading declined, positions rose, and market sentiment improved
.
Domestic consumption is not good in the off-season, but there is cost support below, and the volatility above 18,000 may continue in the medium term
.
Upper pressure 19500, lower support 17500
.