Brief comment on the aluminum market on October 22

On Monday, the Shanghai aluminum main 1912 contract opened at 13880 yuan / ton in the morning, and the short position increased by more than 1,000 hands at the beginning of the session, because at the same time the upper pressure was large, Shanghai aluminum was unable to bear pressure and fell below all the moving averages, began to fluctuate all the way down, hovering at 13825 yuan / ton at noon, because there was no bullish force to drive the disk to rise, in the afternoon Shanghai aluminum continued to fall, bears continued to increase positions, near the end of the day Shanghai aluminum leaked to 13740 yuan / ton intraday low, after testing the low slightly rebounded, and finally closed around 13760 yuan / ton , down 100 yuan / ton, down 0.
72%.

South China South China aluminum ingot quotation 13870-13970 yuan, the average price of 13920 yuan, down 40 yuan, the monthly premium of 35 yuan, traders fear to increase shipments, circulation sources remain abundant, supply side remains wait-and-see, the overall market trading is weak
.
The mainstream transaction price is concentrated between 13910-13925 yuan, which is a premium of -10~5 yuan
compared with the average price of South China Reserve.

Nanchu East China aluminum ingot quotation 13940-13980 yuan, the average price is 13960 yuan, sticker 40
.
Yangtze River: 13950-13990, 13970 down 40
.
Holders took advantage of the high premium to improve their attitude to shipments but still held up prices, middlemen entered the market to receive goods at a low price, and the transaction was slightly
deadlocked.
The spot transaction price is concentrated in 13960-13980 yuan, which is 0~20 yuan higher than the average price of South Reserve East China
.

Intraday aluminum prices almost gave up most of the first three days of gains, SMM early stage has been emphasizing aluminum prices in the supply side expected growth, consumer side expected weakening background, the fourth quarter aluminum prices under pressure operation, the upper space is small, last week rose for 4 days is a phased rebound, because the long-term short logic has not changed, the subsequent return of the rise is actually sooner or later, Monday's wave of rapid pullback can be seen that the market confidence is not strong, is expected to continue to test the 13800 yuan / ton mark support, continue to pay attention to the surrounding metal rise and Shanghai aluminum long short
。