Brief review of the aluminum market on November 12

On Monday, the main contract of Shanghai aluminum 1912 opened at 14,000 yuan / ton
in the morning.
After the opening, bulls quickly fled, especially after the release of inventory data, Shanghai aluminum once fell to near
the 10-day moving average.
The latter part of the short profit liquidation, Shanghai aluminum price stopped falling, oscillating below the 5-day moving average, after the bulls fled the rate is not reduced, especially the end of the session large order escape, Shanghai aluminum closed at 13895 yuan / ton of the 60-day moving average, but also became the intraday low
.

Nanchu Foshan aluminum ingot quotation 14000-14060 yuan, the average price of 14030 yuan, down 100 yuan, the month discount 135 yuan, spot and fall futures price, trade atmosphere is sluggish, the market is more and less, the discount is expanding, and the transaction is not ideal
.
The mainstream transaction price is concentrated between 13920-14100 yuan, which is -110~70 yuan
higher than the average price of Foshan in the South Reserve.

Nanchu Wuxi aluminum ingots quoted 14090-14130 yuan, the average price was 14110 yuan, down 110, and the discount for the month was 60
.
Yangtze River: 14070-14110, 14090 down 140
.
In the morning, the shippers were active in shipments, the market circulation was abundant, the aluminum fell during the secondary trading session, the enthusiasm of the holders to ship declined, and the receiver maintained a wait-and-see attitude of inquiring about low prices, and the overall transaction was average
.
The spot transaction price is concentrated in 14000-14050 yuan, which is -110~-60 yuan higher than the average price of Nanchu Wuxi
.

At the macro level, the reversal of the tariff issue in Sino-US peace talks and the sharp reduction in social inventory during the day, risk aversion and weakening fundamentals have caused short-term aluminum prices to peak and fall.

However, it remains to be seen whether the fundamentals weaken as expected, especially in the expectation of a long-term increase in supply, and the resumption of production by electrolytic aluminum companies continues to be delayed
.
It is expected that Shanghai aluminum will test the support of the 20-day moving average below, and you can try the short operation
of the far month contract.