November 17 aluminum market noon review

Electrolytic aluminum social stocks continued to fall by 14,000 tons from last Thursday to 615,000 tons
.
Overnight, the high of aluminum continued to rise sharply, closing at a new high, closing at $
1953.
Shanghai aluminum overnight trading rushed back to close in the small negative, closing at 15355.

Shanghai aluminum trading positions are declining, and the market tends to wait and see
.
Domestic spot supply and demand are basically balanced, and there is no obvious change
.
Domestic investors tend to be cautious, but the continued strong external market drives domestic optimism, and Shanghai aluminum may continue to operate
at a high level.
The upper pressure of Shanghai aluminum is 15600, and the lower support is 15000
.

The supply side of electrolytic aluminum has maintained a steady rise, smelter profits have remained high, the biggest change in the domestic supply side is the import of scrap aluminum to be confirmed, the increase in scrap aluminum imports in November is a high probability event, the excess pressure of aluminum ingots will further increase, and the pressure on the supply side in the fourth quarter is greater than the previous period
.
However, the inventory has never shown an inflection point, yesterday aluminum ingots went to storage again, coupled with the short-term winter heating season production reduction expectations still boosted aluminum prices, electrolytic aluminum high slightly downward adjustment, short-term is expected to be consumer side is still strong, overall aluminum prices are expected to maintain a high shock pattern
.