December 2 aluminum market morning review

Industry information: On December 1, SMM statistics domestic electrolytic aluminum spot inventory, Shanghai 84,000 tons, Wuxi 88,000 tons, Hangzhou 18,000 tons, Gongyi 18,000 tons, South China Sea 80,000 tons, a total of 288,000 tons, an increase of 19,000 tons
from last Thursday.

Market: On December 1, Shanghai aluminum trading concentrated 13890-13920 yuan / ton, the monthly premium 20-70 yuan / ton, although the spot quotation tried to follow the upward adjustment, but the transaction price increase is limited, so the premium narrowed rapidly, Wuxi transaction concentration 13890-13920 yuan / ton, Hangzhou transaction concentration 13930-13950 yuan / ton
。 Holders are willing to exchange cash positively, more circulation spots, aluminum due to the OPEC production reduction agreement and red, downstream enterprises are worried that prices will continue to rise, the willingness to receive goods rebounded compared with yesterday, middlemen cautiously waited, did not see the initiative to receive, the overall transaction is warmer than yesterday, mainly from the downstream enterprises to receive the low price of the active
.

In terms of inventory: as of December 1, LME aluminum stocks reported 2144850 tons, a daily decrease of 4,300 tons; In the same period, the previous period of aluminum inventory reported 75,362 tons, a weekly decrease of 12,373 tons, far lower than the average inventory value of 200,000 tons during the year, and hit a low point since September 28
, 2007.

Overnight, the main oscillation of Shanghai aluminum was sorted out to 13455 yuan / ton, as the supply pressure of the aluminum market climbed, increasing the risk
of its pullback.
However, short-term U.
S.
crude oil futures climbed strongly, or limited their downside, because aluminum has strong energy attributes
.
In operation, it is recommended that the Shanghai aluminum 1701 contract can be sold high and low between 13350-13600 yuan, and the stop loss is 100 yuan / ton
each.