A brief review of the aluminum market on November 5

On Monday, the main 1912 contract of Shanghai aluminum opened at 13950 yuan / ton
in the morning.
After the opening, short-term swing positions entered, and Shanghai aluminum failed to continue the previous working day's rally, and Shanghai aluminum gradually weakened
after touching 13955 yuan / ton at a high level.
Then the bears chased after the victory in the afternoon, and the low of Shanghai aluminum touched 13905 yuan / ton
.
In the afternoon, the long-short game intensified, the confidence of bears under the strong spot weakened, the short continued to profit and exited, and the Shanghai aluminum shock rebounded, closing at 13945 yuan / ton, basically repairing the intraday decline
.

Macro news, the China Federation of Logistics and Purchasing released China's logistics industry prosperity index in October was 54.
2%, up 0.
4 percentage points from the previous month; China's warehousing index was 50.
9%, down 1.
1 percentage points
from the previous month.
The index of new orders rebounded, and logistics demand remained strong
.
In October, the new orders index was 53.
2%, up 0.
2 percentage points from the previous month, indicating that logistics demand is still strong and can support the logistics industry to maintain a moderate growth range
.

Overall, downstream consumption was stable in October, social aluminum ingot inventories continued to decline, the long-short game intensified, and the bearish power moved backward under the background of strong spot
.
Coupled with the sharp rebound of overseas aluminum, the short-term Wansi mark will once again become the focus
of the long-short game.
However, the long-term cost has moved down, and the increase in supply is still like a sword hanging above the bulls, and the continuous upward movement of Shanghai aluminum still needs downstream demand support
.