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Aluminum market morning comment: US inflation continued to climb in November, but did not exceed market expectations, and the dollar index weakened
.
However, metal prices were generally lower, with the London Stock Exchange three-month aluminum price closing down 0.
61% to $2611/mt
.
Shanghai aluminum night trading gap opened low, the main 2201 contract closed below 18760 yuan / ton
.
In the morning, the overall transaction volume of the spot market rebounded slightly, there was a slight demand for stocking downstream on weekends, and the performance of middlemen was relatively active, but the circulating supply was sufficient
.
The mainstream trading price in Shanghai is around 18,780 yuan / ton, which is about 60 percent lower than that of futures
.
The mainstream transaction price in Guangdong is around 18840 yuan / ton
.
At present, domestic consumption has not declined significantly, the demand for rush work still exists, and the output has remained low for the time being, and the resumption of production of electrolytic aluminum plants is relatively slow
.
The continued de-stocking of explicit inventories has some support for prices, but the expectation of weaker consumption in the off-season, that is, lower costs, puts pressure
on prices above.
Short-term aluminum prices maintain a volatile trend, and short-term recommended range operations are the mainstay
.
