September 29 aluminum market afternoon comment

Crude oil rose overnight, and Lun aluminum rebounded sharply after hitting a new low to close in Zhongyang, opening slightly lower at $
2130 today.
Shanghai aluminum opened higher and rose to close in Zhongyang at 18045
overnight.
Shanghai aluminum trading positions are basically stable, and market sentiment has improved
.
Recently, domestic consumption has improved significantly, supported by pre-holiday stocking factors, and there is cost support below aluminum prices, and short-term aluminum prices continue to fluctuate
.
After the holiday, the traditional peak season is coming, and the medium term is slightly optimistic
.
Upper pressure 20000, lower support 18000
.

On the macro front, affected by the Bank of England's "unlimited" temporary bond purchases, the dollar index fell rapidly, but at the same time, macro uncertainty further rose, and risk aversion supported the dollar
.
Domestically, there are still no signs of trend improvement in the macro area, and the new benefits are insufficient
.

Overall, the strong dollar trend is difficult to break in the short term, the recessionary pressure in Europe continues to rise, the non-ferrous metal sector is under pressure as a whole, and there is uncertainty in the negative drag on the supply side, while the demand side is temporarily difficult to improve, aluminum prices are easy to fall and rise, pay attention to the risks
during the holiday.