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Today's aluminum price bottomed out and rebounded after the shock stabilized, as of the close of 3 pm, the main 2201 contract of Shanghai aluminum closed up at 18870, up 115, or 0.
61%.
In terms of fundamentals, domestic social stocks fell by 24,000 tons to 978,000 tons this week, and aluminum ingot shipments continued to increase
.
On the supply side, according to data from the National Bureau of Statistics, domestic electrolytic aluminum production in October was 3.
13 million tons, down 1.
8%
year-on-year.
Aluminum prices fluctuate at a low level, and there is little room for decline in the medium term supported by costs
.
Alumina prices have recently fallen closer to costs, and electricity prices for high-energy-consuming enterprises are difficult to decline
in the short term.
Monday's inventory data shows that this week's social treasury again went 24,000 tons, the inventory under the continuous dematerialization formed a strong support for the price, aluminum prices have always been strong above 18,500, coupled with the RRR cut news is good for commodities, real estate consumption has a strong recovery expectation, short-term or drive aluminum prices to perform strongly, but overall, the fundamental repair is limited, the upper pressure still exists, focus on whether 19,000 can break through to stand firm, short-term shock range can still pay attention to 1.
85-19,200
.
