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Overnight, aluminum oscillated higher
.
The recently announced domestic aluminum social inventory went to the warehouse again, showing the resilience of consumption, from the apparent consumption point of view, electrolytic aluminum demand is still performing well, but also brought some pressure
to short in recent months.
In addition, from the perspective of Shanghai aluminum holdings, the pattern of large industrial households buying near-month trust spot prices, and large capital households following the purchase of far months to replenish the premium, the two sides have jointly created the recent rise
of Shanghai aluminum.
In terms of the market, the price of Chinalco East China AOO aluminum ingots was 15490 yuan / ton, up 140 yuan
.
The performance of the domestic consumer market in the off-season is not light, the social inventory of aluminum ingots has further declined, spot inventory has been close to the low level at the beginning of the year, down more than 60% from the high level of the year, and it is expected that spot aluminum prices will rise
today.
As the US election gradually clears, the market repairs expectations around the breakthrough progress of the new crown vaccine, the risk appetite of the financial market fluctuates rapidly with the election situation and political and economic policy expectations, global asset prices, especially the high center of gravity of the stock market and commodities, rises, and further rebounds are more hopeful that the vaccine will be launched as soon as possible and a new round of economic stimulus measures will be introduced
as soon as possible.
At present, the high volatility of copper and aluminum led by macro factors awaits the direction of the macro trend, while the traditional off-season signs are strengthening on the fundamentals, and the medium line focuses on Sino-US monetary and fiscal stimulus policy guidance and dynamic supply and demand adjustment
.
