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Overnight aluminum shock is weak
.
There are many explanations for this round of rebound, but from the perspective of Shanghai aluminum months, it is still playing the near-month card, that is, the warehouse receipt is tight, which is also the market's continued optimism about aluminum consumption
.
In addition, from the recently announced domestic aluminum social inventory again to the warehouse, showing the resilience of consumption, combined with the forecast of production and imports, the apparent consumption of electrolytic aluminum demand is still good
.
In the market, the price of Chinalco East China AOO aluminum ingots was 15590 yuan / ton, down 70 yuan
.
Domestic consumption has performed better so far this year, with UBS reporting a 15% increase in aluminum demand, while end-market demand is strong, and spot aluminum prices are expected to rise
today.
On the news front, US retail sales in October were 0.
3% m/m vs.
0.
5% expected and 1.
9%
prior.
US import price index for October -1% y/y vs.
-0.
7% expected vs.
-1.
1%
prior.
U.
S.
industrial output rose 1.
1 percent in October, compared with an estimate of 1.
0 percent
.
Overnight, U.
S.
industrial output exceeded expectations, but retail sales fell sharply under the influence of the new crown epidemic, the dollar continued to fall, the yuan rose, and the non-ferrous metal copper fell and aluminum rose
.
