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Aluminum market review: As of the close of 3 p.
m.
, the main 2012 contract of Shanghai aluminum closed down at 15390, down 80, or 0.
52%.
At the macro level, the new crown vaccine has made significant progress, the global economic outlook may undergo a major improvement, coupled with the result of Biden's victory in the US election is basically settled, and some macro data performance is acceptable, macro market sentiment tends to be optimistic
.
In terms of supply, the price of alumina at the cost end continues to be low, the price of aluminum continues to rise, the profit margin of aluminum enterprises continues to increase, production capacity continues to be released, and the supply pressure of electrolytic aluminum is not reduced
.
In terms of demand, entering November, the consumption side has not weakened rapidly, the current aluminum ingot social inventory is in a state of continuous decline, and the inventory base hit a new low in the year, coupled with the current increase in orders for automobiles and home appliances and other industries, consumption basically tends to be stable, the current performance is not light
in the off-season.
On the whole, under the background of the current low inventory of aluminum ingot social inventory, there is a risk of soft squeeze in the near-month contract, and in the short term, aluminum prices will still run strongly, but over time, the rhythm of supply and demand will weaken the momentum of aluminum prices.
