Brief review of the aluminum market on October 24

Wednesday Shanghai aluminum main 1912 contract opened at 13790 yuan / ton in the morning, hovering at 13785 yuan / ton before the afternoon to seek a breakthrough in the first line, tangled during some bulls to reduce positions, Shanghai aluminum has not accumulated enough power to rise, fell below all moving averages in the afternoon, testing down 13760 yuan / ton intraday low, at this time the lack of confidence of bears began to reduce positions and flee, Shanghai aluminum thus gained momentum from the low began to rebound, the end of the day touched a high of 13795 yuan / ton, and finally closed at 13790 yuan / ton, up 10 yuan / ton, Up 0.
07%.

The trend of Shanghai aluminum in the day is relatively stable, the resistance level above the 13800 yuan / ton mark is obvious, because the inventory destocking continues to superimpose the spot is strong, the bears confidence is not strong, there is still some support below the short term, it is expected to maintain the range of weak shock, and seek new disk logic in the long and short game, pay attention to the tendency of position changes and market atmosphere
.

At present, the focus of the market is still on the weak peak season in October and weak macroeconomic data
.
In addition, the resumption of domestic production has accelerated under the background of high profits, and the current delocalization of domestic inventories is not caused by strong demand, but still the supply gap
caused by the unexpected shutdown of aluminum plants in the early stage.
Overall, in the absence of a significant improvement in the macro atmosphere, the weak pattern of aluminum prices will continue
.
From the perspective of cost profit indicators, there is still some room for aluminum prices to continue to decline, and it is recommended to rebound and sell in operation
.