Aluminum prices remain high The overall performance of consumption is still strong

In terms of the market, the price of Chinalco East China AOO aluminum ingots was 14820 yuan / ton, up 120 yuan
.
At present, the domestic aluminum market consumption remains stable, and aluminum ingot inventory remains low, supply increment has not been reversed into inventory increment, the operating rate of downstream processing enterprises has not declined significantly in the near future, but autumn and winter production restrictions may have a certain impact, it is expected that spot aluminum prices will rise
today.

Macro-wise, China's manufacturing PMI in October was 51.
4%, continuously above the critical point since March, indicating that the manufacturing industry has generally continued to recover
.
The inability of a new stimulus package to reach before the general election, coupled with the intensification of the second epidemic in Europe, has led to the recent passive upward movement of the US dollar index and short-term pressure on metal prices
.

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, and the off-season has not accumulated as expected, bringing some support to aluminum prices, but over time, the rhythm of supply and demand will make aluminum ingots return to the accumulation cycle, maintaining the medium-term short idea
.
Short-term temporary wait-and-see, wait for the inventory inflection point to establish the entry into the short
test.