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Overnight LME March electronic trading closed at $1976 / ton, up 1.
05%; The Shanghai aluminum 1812 contract closed at 13910 yuan / ton at night, down 0.
04%.
In terms of inventory, LME aluminum stocks were 1047325 tons, down 625 tons from the previous trading day, and the aluminum warehouse receipt in the previous period was 616732 tons, down 2197 tons
from the previous trading day.
In terms of spot, Shanghai transaction concentration is 13790~13810 yuan / ton, the discount for the month is 40~30 yuan / ton, Wuxi transaction concentration is 13790~13810 yuan / ton, Hangzhou transaction concentration is 13830~13840 yuan / ton
.
Due to the large decline in prices for two consecutive days, the downstream began to take a wait-and-see attitude towards the price and basically purchase on demand, while some middlemen considered receiving goods more actively for value preservation, and the overall transaction was general, and there were no major highlights
.
The Guangdong market has abundant circulation and supply, and Chinalco has not yet received the goods, and the downstream performance is wait-and-see, and the overall transaction of the Guangdong market is average
.
In terms of alumina, Guiyang primary alumina quotation was 3120 yuan / ton, up 10 yuan / ton from the previous trading day; Shanxi first-class alumina quotation was 3150 yuan / ton, up 50 yuan / ton from the previous trading day; Henan first-class alumina quotation was 3150 yuan / ton, up 50 yuan / ton
from the previous trading day.
In terms of news, the Caixin China October PMI released during the day was slightly better than expected, and after the Politburo meeting, the market began to bet on China's imminent economic measures, coupled with the possible easing of trade frictions and a sharp correction in US dollar highs, metal prices rebounded
significantly.
At the domestic raw material end, the price of alumina has been continuously raised, while the price of FOB in Australia has continued to fall, and there is a possibility that the domestic market will be supported by maintenance and production, and the sustainability is doubtful
.
After the price of Shanghai aluminum was tested to 13840 yuan / ton, and the short-term decline was eased after the concentrated release of bearish sentiment
.
