Financial market volatility is obviously sharp, and aluminum volatility fell back

In terms of stocks, LME aluminum stocks yesterday were 1.
4439 million tons (-6075) and SHFE warehouse receipt stocks were 92502 tons (+2235).

In terms of industry, on November 05, according to statistics, the domestic electrolytic aluminum social inventory was 659,000 tons, and then reduced by 10,000 tons, and the demand for limited arrival was acceptable, and low inventory provided price support
.

On the supply side, China's alumina output in September was 5.
908 million tons, an increase of 2.
29% month-on-month, weighing on alumina prices
.
In September, China's electrolytic aluminum production was 3.
114 million tons, a positive growth for 13 consecutive months, and the liberalization of imported scrap aluminum led to a decline
in scrap aluminum prices.

On the demand side, the peak season effect of aluminum plate strip in September was slightly weak, the prosperity of the aluminum cable industry was lower than last year, and the downstream leading enterprises started work steadily
.
At present, aluminum ingot inventory is still at a low level, and the expected accumulation is not reflected, but it is expected that the production capacity will increase by about 300,000 tons in the fourth quarter, and the price in recent months is strong, and the long-term price support is weak, while paying attention to the environmental protection factors
of autumn and winter in the north.
It is recommended that the hedgers mainly sell short at the high in the long term, and the Shanghai aluminum 12-02 positive set can continue to be held, and the options are temporarily wait-and-see
.