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Overnight, the Shanghai aluminum main 1901 contract opened at 13795 yuan / ton
.
After the opening, some bears increased their positions and entered, piercing the 20-day moving average low to touch 13755 yuan / ton, and then the low caused the early bears to leave the market, and the aluminum price fluctuated
upward.
In the afternoon, it continued to be dominated by the short exit from the Shanghai aluminum shock pullback, and the Shanghai aluminum high touched 13805 yuan / ton at the end of the session, closing at 13800 yuan / ton
.
Overnight London aluminum opened at $1971/ton
in the morning.
During the Asian session, the upward shock of Lun aluminum broke through the 40-day moving average, touching a high of $1979 / ton, and as of 15:00, Lun aluminum was reported at $1974 / ton
.
After entering the European session, the US index weakened for a while, and Lun aluminum rushed to 1985 US dollars / ton
.
However, the upward pressure is still huge, after the US index rebounded in the evening, Lun aluminum quickly leaked low to touch 1963 US dollars / ton, and the end of the session Lun aluminum shock closed at 1970 US dollars / ton, closing below
the 40 moving average.
On the macro front, New York Fed President William Liam, the third person in the Federal Reserve, said on Tuesday evening that a large number of indicators show that the labor market is quite strong and healthy, and the US economy is expected to continue to grow strongly by 2.
5% in 2019, which will mark the longest expansion period in the history of the US economy, and it will be appropriate to continue to gradually raise interest rates in the future.
In terms of news, the Ministry of Ecology and Environment signed a document saying that the heating season no longer stipulates the production limit ratio, and it is expected that this year's heating season production limit is lower than last year, so the domestic electrolytic aluminum production capacity may recover in the fourth quarter, and the subsequent destocking may be nearing the
end.
Aluminum is currently showing a weak supply and demand situation, short-term aluminum futures price below the space or limited, has been close to the cost line is not far away, follow-up attention to the landing of self-owned power plant remediation documents, export data and destocking
.
Recently, the consumption of the domestic primary aluminum market has maintained a relatively sluggish trend, but it has not shown a significant shrinking trend
.
However, due to the market's concerns about consumption growth in the later period are still heavy, risk aversion is strong, in this context, aluminum futures continued last month's decline
.
In the second half of November, the news of domestic aluminum plant production reduction is frequent, although the heating season policy is relaxed, electrolytic aluminum in related areas are basically exempted from production restrictions, but other high-cost areas have successively appeared a certain scale of active production reduction, and the scale of production reduction is expanding, which has a significant boost to the market, aluminum prices have also stopped falling, but overall aluminum market rebound momentum is still insufficient
.
