echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Brief review of the aluminum market on October 8

    Brief review of the aluminum market on October 8

    • Last Update: 2022-12-13
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On the first trading day after the holiday, the aluminum market was volatile and strong, the main 1811 contract closed up 0.
    84% to 14450 at the end of the day, up 120 from the previous trading day, the market is long and short game, Lun aluminum is under pressure on Hydro Brazilian alumina plant to restart production capacity, the trend is weak, short-term aluminum prices maintain a stable trend, the dilemma trend is prominent; Shanghai aluminum temporarily pay attention to the pressure level of the 14,500 mark; it is expected that tomorrow's spot aluminum fluctuation range is not large
    .

    Aluminum City

    Shanghai aluminum main link 1811 contract this morning gap opened at 14370 yuan / ton, the beginning of the session oscillated upward to test 14420 yuan / ton, and then some bears entered the price to 14320 yuan / ton, due to the limited space below, Shanghai aluminum along the 5-day moving average began to rise, climbing 14390 yuan / ton slightly stopped, and then continued to rise in the context of market expectations, bears began to accelerate their exit, Shanghai aluminum finally closed at the end of the day at the highest price of 14450 yuan / ton, up 120 yuan / ton, It rose 0.
    85%, with the volume down 46,148 lots to 129,000 lots and the position volume down 1,662 lots to 216,000 lots
    .

    Yesterday's news that the central bank will reduce the deposit reserve interest rate of major financial institutions by 1 percentage point, the RRR reduction will release about 750 billion yuan, this measure to boost market confidence, prompting today's Shanghai aluminum to close the sun, change the four-consecutive negative pattern, the daily KDJ line has an upward trend
    .
    Today's release of China's Caixin Services PMI for September, with a better-than-expected reading, had a positive impact
    on the market.
    Continue to pay attention to the US dollar index and external related event guidance
    in the evening.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.