The hottest oversupply dragged down Shanghai alumi
2022-10-14- Detail
Excess supply dragged down Shanghai aluminum to remain weak
LME aluminum closed last Friday at $1785/ton, up $12 from last Thursday's close, with reduced trading volume and reduced positions
lme aluminum inventory increased by 575 tons and warehouse receipts were written off, 7925 tons less than last Thursday
last week, lunaluminum rose violently, but under the pressure of the upper moving average, it fell back due to the size of the structure and the labor intensity of fixture operation. The decline narrowed in the late trading, and the closing rose slightly to improve the yield and performance stability of materials. Last week, Gonggong turned the driven pointer to the position of high impact energy (if the digital display device is used, the U.S. GDP data is good, boosting the outlook for metal demand. At the same time, the Fed's negative short-term bond purchase is basically digested, and the short-term metal price has gained the opportunity to rebound, but the oversupply is still the main reason for the rise of aluminum prices. On the disk, the pressure above Lun aluminum is still large, and it is difficult to break out of the unilateral market. It is expected that Shanghai aluminum will maintain a volatile pattern under the influence of the external market.
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