Brief review of the aluminum market on October 16

The main 1912 contract of Shanghai aluminum completed the monthly
change.
It opened at 13750 yuan / ton in the morning, and a small number of bears entered after the opening to continue to suppress aluminum prices, and the low level of Shanghai aluminum touched 13755 yuan / ton
.
After the bears closed their positions and left the market, some bulls took advantage of the momentum to pursue, and Shanghai aluminum maintained a shock upward to repair the previous day's
decline.
Several times touched the high of 13790 yuan / ton during the session, the short entry in the afternoon, short profit taking, Shanghai aluminum closed at 13765 yuan / ton
.

On the day before delivery, the position of the 1910 contract of the front-month contract decreased by 9630 lots to 18050 lots, and the settlement price was 13760 yuan / ton
.
Fundamentally, Shanghai Aluminum still maintains a pattern of stable consumption at this stage and expected supply pressure to increase
.
In this context, due to the continuous destocking and the resumption of electrolytic aluminum production capacity, the short staged profit liquidation, Shanghai aluminum stopped falling and closed the sun
.
It is expected that consumption will stabilize during the week, destocking will continue, and the action of Shanghai aluminum will weaken.

Lianyungang Port Holding Group signed a letter
of intent with Chinalco for an alumina project with an annual output of 4 million tons.
Affected by Indonesia's nickel mine ban policy, Indonesia's bauxite sea freight continued to rise, soaring from $10/ton to around
$14/ton at the beginning of the year.
At present, the profit of tons of aluminum is about 1000, which is a high level, if the downstream demand deteriorates after the peak season and the speed of inventory dematerialization, the probability of aluminum prices continuing to decline will increase
.