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LME aluminum fell on Wednesday, and as of 15:00 Beijing time, 3-month Lun aluminum was reported at $1772.
5 / ton, down 0.
48%
on a daily basis.
The main 2001 contract of Shanghai aluminum opened low and fluctuated, with the highest 13,760 yuan / ton and the lowest 13,715 yuan / ton during the day, closing at 13,745 yuan / ton, down 0.
04% from the closing price of the previous trading day; The trading volume was 77,200 lots, a daily decrease of 430 lots, and the position was 210,700 lots, an increase of 7,378 lots
per day.
The basis was reduced to 155 yuan/ton; The price difference between Shanghai aluminum from 1912 to 2001 narrowed to 60 yuan / ton
.
Market Focus: Trump's speech highlighted positive developments in the global trade situation, but did not reveal substantive information
on the U.
S.
-China trade relationship.
Retail sales of passenger cars nationwide in October were 1.
843 million units, down 5.
7% y/y and up 3.
5% m/m, and retail sales of passenger cars fell 8.
3%
y/y from January to October.
Spot analysis: On November 13, the spot A00 aluminum quotation was 13880-13920 yuan / ton, the average price was 13900 yuan / ton, down 10 yuan / ton
per day.
Intraday shipments are acceptable, and middlemen are more active in receiving goods at low prices, but due to the lack of participation of large customers, the actual transaction status is not as good as the previous day
.
Due to the expansion of spot discount compared with the previous day, the absolute price of aluminum ingots remained at a relatively low level, the enthusiasm of downstream receiving goods rebounded significantly from the previous period, and the purchase volume was significantly more than last week
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 66,571 tons on Wednesday, an increase of 4,836 tons per day; On November 12, LME aluminum stocks were 942125 tons, an increase of 1,625 tons per day, and recovered
for the first time after 19 consecutive days.
Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract were 67730 lots, a daily increase of 302 lots, short positions were 78203 lots, a daily decrease of 128 lots, a net short position of 10473 lots, a daily decrease of 430 lots, more short positions, and a decrease
in net short.
On November 13, the main force of Shanghai aluminum 2001 opened low.
The US dollar index continued to run at a high level, Trump did not disclose substantive information on Sino-US trade, triggering market risk aversion, while upstream alumina production increased, inventory accumulation suppressed prices, cost support weakened, superimposed automobile sales trend still lacked significant improvement, pressure on aluminum prices, but electrolytic aluminum production capacity is not as fast as expected, electrolytic aluminum inventories continue to degrade, forming some support
for aluminum prices.
In terms of spot, intraday cargo holders are able to ship, middlemen are more active in receiving goods at low prices, but due to the lack of participation of large households, the actual transaction status is not as good as the previous day, and the enthusiasm of downstream receiving goods has rebounded significantly compared with the previous period, and the purchase volume is significantly more than last week
.
Technically, the 5-day moving average of the main 2001 contract of Shanghai aluminum crossed the 10-day moving average, and the daily MACD red column was reduced, and the short-term shock is expected to be weak
.
