Aluminium prices fear falling again

A week's market review:

1, the main domestic spot price this week, market news is flat, the basic metal is mostly no direction shocks. Aluminium prices rose first and then fell, keeping the shocks unchanged.

2. One-week relevant ** market performance The spot price is close to the overall maintenance of sideways. The price of domestic aluminum flat fell slightly, and the Shanghai-Hong ratio fell again to around 7.8.

3. Weekly inventory changes The overall inventory of aluminum has remained high, putting pressure on prices. The percentage of cancelled warehouse receipts gradually decreased. Aluminum stocks continued to decline in the previous period. The rate was relatively significant, and destocking continued.

Second, ** price analysis:

Aluminium maintains a critical position and oscillates repeatedly. The trend is still low and weak, and it is more tangled. In 1750, the last line of defense was still broken. Below the support 1750, above the pressure of 1850.

Shanghai Aluminum maintained a downtrend channel and it was sideways in the short-term. Continuation of the adjustment has reached five weeks, with support below 14200. Around 13700 strong support. Above the pressure of 14500.

Third, next week, aluminum price analysis:

This week the market is relatively calm, the news is flat, and the metal has no direction fluctuations. However, the external market crashed over the weekend, indicating the market's concern about continued decline after the consolidation. Frequent blows to resolve the electrolytic aluminum excess production capacity, do not know whether it can truly change the bleak status of the upstream industry.

Aluminium 1800 is still not clear direction. The current price of aluminum in Shanghai has been closely followed by the weak sideways. There is no sign of an end to the decline.

Starting from the middle of next week, the world’s heavy head economic data is intensive, and the Fed’s announcement of interest rate resolutions and policy statements has also attracted market attention. The market is expected to increase the volatility. Unless there are major accidents in the data, the aluminum price will not be able to escape the decline again. It is for reference only.