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Today's Shanghai aluminum main force opened low and high, opened slightly higher in the morning, then turned down, as of the close, Shanghai aluminum 2111 contract closed down 270 to 23100, down 1.
16%
from the previous trading day.
In terms of fundamentals, domestic social stocks rose to 780,000 tons this week, an increase from last week, and the short-term gap between supply and demand was significantly eased
.
The Fed's September meeting showed that TAPER could begin in November, putting some pressure
on metal prices.
On the supply side, the off-season in the fourth quarter coupled with the production restrictions in Xinjiang and Guangxi caused supply to decrease expectations, and it is expected that it is difficult to increase supply significantly in the medium term, in addition, the market is worried that the rise in overseas winter electricity prices may significantly push up costs, and aluminum prices are expected to remain supported
.
The short-term decline is only a normal adjustment need, and there must be a risk of pullback after the big rise, but from the perspective of the general trend, the upward trend has not yet ended, and the recent introduction of limited production policies in various places, the scale of production reduction has been further expanded
.
Aluminum prices are still prone to rise and fall, maintaining a bullish idea
.
Spot aluminum prices are expected to stabilize
next Monday.
