September 23 aluminum market noon comment

On the macro front, Powell: If economic progress continues, it may soon be guaranteed that the Fed starts to reduce QE
.
The gradual reduction QE will be completed/completed
around mid-2022.
Reduced QE does not directly signal interest rate hikes; The pressure of domestic power supply has risen again, and power cuts have been frequently issued in various places
.

In terms of fundamentals, the inventory of steel union on the 22nd was reported at 786,000 tons, an increase of 18,000 tons from last Thursday; during the same period, the steel union statistics aluminum rod inventory was 167,500 tons, an increase of 45,000 tons from last Thursday; the export of unwrought aluminum and aluminum products in August was 490,000 tons, an increase of 21,000 tons from the previous month, and exports increased steadily; imported primary aluminum was 104,000 tons, down 75,000 tons
from the previous month.
Guangxi, Guizhou, Inner Mongolia, Shaanxi and other places are rumored to cut power and production, and supply reduction is expected to increase
again.
Affected by the rise in aluminum prices, downstream consumption has been seriously hindered, aluminum rod production has been reduced, and the amount of ingots has increased
.

Supply problems continue to support aluminum prices, and aluminum prices trend is strong
.
Overnight, Lun aluminum soared to close Changyang, opening as low as $
2,927 today.
Shanghai aluminum opened high and closed high in the middle of the night, closing near the previous high, closing at 23315
.
Insufficient supply, optimistic market sentiment, strong trend of aluminum aluminum, Shanghai aluminum midline is still expected to continue to fluctuate
upward.
Upper pressure 25000, lower support 21000
.