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Today's Shanghai aluminum volatility higher, as of the close of 3 pm, Shanghai aluminum main 2012 contract closed up at 15960, up 155, or 0.
98%.
At the macro level, U.
S.
Senate Democratic leader Schumer said on Thursday that Republican Majority Leader Mitch McConnell has agreed to resume negotiations
on a new crown relief package amid a surge in new coronavirus cases.
Negotiations
on a coronavirus relief plan.
In terms of supply, the price of alumina at the cost end continues to be low, the price of aluminum continues to rise, the profit margin of aluminum enterprises continues to increase, production capacity continues to be released, and the supply pressure of electrolytic aluminum is not reduced
.
In terms of demand, entering November, the consumption side has not weakened rapidly, the current aluminum ingot social inventory is in a state of continuous decline, and the inventory base hit a new low in the year, coupled with the current increase in orders for automobiles and home appliances and other industries, consumption basically tends to be stable, the current performance is not light
in the off-season.
In general, under the background of the current low inventory of aluminum ingot social inventory, there is a risk of soft squeeze in the near-month contract, in the short term, aluminum prices will still run strongly, inventory data is flat, short-term aluminum price rally slows down, strategically, temporarily wait and see
.
