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November 14 Shanghai aluminum noon comment

 Last Update: 2022-12-17
 Source: Internet
 Author: User

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The main contract of Shanghai aluminum opened at 13740 yuan / ton overnight, and the bears continued to increase their positions after the opening, weakening slightly, the lowest point was 13725 yuan / ton, and there was still support at 13720 below, and the long and short sides reduced their positions at the end of the day, and finally closed at 13725 yuan / ton
.
The main daily candlestick of Shanghai aluminum closed at the short black line, below the moving average, and the position increased by 1,548 lots to about
212,000 lots.
If today's electrolytic aluminum inventory continues to deteriorate, the 2001 contract may rebound slightly, and it is expected that the 2001 contract will run between 13720~13760 yuan / ton, and the spot premium will be between
-200~-160 yuan.

Shanghai aluminum

The AOO aluminum ingot price in East China was 13890 yuan / ton, down 80 yuan
.
Sino-US trade relations are uncertain, market risk aversion is heating up, investors remain cautious and wait-and-see, there is a fundamental pressure on electrolytic aluminum production and weakening demand, but the domestic inventory dematerialization situation does not change to support aluminum prices, short-term maintenance of shock trend, it is expected that today's spot aluminum prices will rise and fall limited
.

There is news that Xinjiang large-scale smelters are expected to resume production in the near future, supply pressure still exists, the current spot profit exceeds 600 yuan / ton, it is expected that after the delivery of 11 contracts, aluminum prices still have room
to fall.

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