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Aluminum market review: Shanghai aluminum continued to stabilize on Friday, as of 3 pm, the main 2012 contract of Shanghai aluminum closed up at 14845, up 55, or 0.
37%.
At the macro level, there has been no significant progress
in the US election.
The Fed kept its benchmark interest rate and asset purchases unchanged, reiterating that the pandemic poses considerable risks
to the medium-term outlook.
The medium-term outlook poses considerable risks
.
In terms of supply, the operating capacity of aluminum enterprises has been further released, and the industry operating rate has continued to rise, and the current industry operating capacity is at a high level, and the later output will gradually be
reflected.
In terms of demand, it is about to enter the seasonal traditional off-season, as well as the uncertainty of the heating season policy, downstream demand continues to slow down, and the order volume of processing enterprises decreases
.
On the whole, the short-term is still hovering at a low level, the off-season has not accumulated as expected, bringing some support to aluminum prices, short-term overseas supply tension has boosted the strong operation of aluminum, but over time, the rhythm of supply and demand will make aluminum ingots return to the accumulation cycle, maintaining the medium-term bearish idea unchanged
.
Short-term wait-and-see
.
