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Overnight Shanghai aluminum opened at 13685 yuan / ton, due to the sharp entry of bears during the day, the price fell deeply, the night session at the beginning of the short long liquidation, the plate once rebounded to 13725 yuan / ton, after the rebound and attracted selling short, short positions superimposed on long positions, the lowest level of the plate pulled back to 13675 yuan / ton, a small number of short positions at the end of the session closed, and finally closed at 13685 yuan / ton
.
The night close at the doji has a long upper shadow, below around 13675 yuan there is support, it is expected that today's Shanghai aluminum 2001 running at 13675-13750 yuan / ton, spot premium to the month discount of about 480~520 yuan
.
The AOO aluminum ingot price in East China was reported at 13,940 yuan / ton, up 50 yuan
.
China's October economic data performed poorly, the added value of industries above designated size in the country increased by 4.
7% year-on-year, the growth rate was 1.
1 percentage points lower than the previous month, and the growth rate of fixed asset investment was also lower than expected, aggravating market demand concerns, and spot aluminum prices are expected to fall
slightly today.
With the advent of the off-season, downstream electrolytic aluminum consumption is facing greater pressure, LME inventories continue to rise, LME stocks increased by 75,000 tons last day, and electrolytic aluminum stocks have turned around
.
The supply side is expected to increase stimulated by the profit of electrolytic aluminum, and the electrolytic aluminum plant in Inner Mongolia, Xinjiang has all resumed production
.
The enthusiasm for receiving electrolytic aluminum downstream has receded significantly, and the spot discount has further expanded
.
It is expected that aluminum prices are prone to fall and difficult to rise, and activist investors can continue to hold short orders
in the early stage.
