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November 16 Shanghai aluminum morning review

 Last Update: 2022-12-23
 Source: Internet
 Author: User

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Aluminum market morning comment: the US dollar index reached a new high, while China's real estate market continued to weaken, overnight external metals fell across the board, and the three-month aluminum price on the London Stock Exchange fell 2.
32% to $2634 / ton
.
Shanghai aluminum night trading also fell, the main Shanghai aluminum 2112 contract was as low as 18870 yuan / ton, closing at 19100 yuan / ton
.

Aluminum City

The overall trading of the spot market in the morning was poor
.
The price decline triggered a cautious mentality downstream, while cargo holders showed a mentality of falling prices and dumping goods, and the transaction in South China was stronger
than that in East China.
The mainstream transaction price in Shanghai is around 19170 yuan / ton, which is about 20 lower than the current month's contract and about 100 lower than the main force
.
The mainstream transaction price in Guangdong is around 19260 yuan / ton
.

The indicators of the domestic real estate market continued to decline in October, intensifying the market's expectation
of weakening aluminum consumption in the real estate sector.
At present, the contradiction between supply and demand fundamentals is not much, but the obvious inventory at the beginning of the week is once again in stock, reflecting the possibility of seasonal weakening of
consumption stock.
In the case of little change in fundamentals, market sentiment is affected by external factors such as policies, and aluminum prices fluctuate
repeatedly.
Operationally, it is recommended to stay on the sidelines
.

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