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Aluminum market afternoon comment: the growth rate of the US manufacturing industry slowed down in October, and Lun aluminum closed down $14 overnight; The sharp fall in domestic coal prices has changed market sentiment, and the aluminum ingot community library is still accumulating, but aluminum production has maintained restrictions in winter, and aluminum prices may fall
slightly today.
Overnight, Lun aluminum rushed back down to close the small yin
.
Coal rebounded in the evening, Shanghai aluminum opened slightly higher in the night session, and the shock closed the doji, closing above the 5-day moving average 20065.
Shanghai aluminum trading fell and positions rose, and market sentiment improved
.
The decline in coal has slowed down, driven by Lun aluminum, Shanghai aluminum may gradually stabilize and rebound
.
Upper pressure 25000, lower support 19500
.
In terms of inventory, the weekly accumulation of electrolytic aluminum social library was 21,000 tons to 1.
003 million tons, and the growth rate continued to narrow
.
In terms of fundamentals, the social treasury maintains the rhythm of accumulation, indicating that demand is under excessive pressure, aluminum prices after a sharp pullback after the compression of upstream profit margins to downstream enterprises, becoming a favorable factor for the adjustment of industrial profit distribution, still need to pay attention to the recovery of consumption and the degree of inventory release, it is expected that in November the fundamentals will move towards the supply margin decline demand margin to improve the supply and demand pattern, coal deep fall sentiment has become weak, trading logic back to the fundamentals after aluminum prices will usher in a stop falling and rise
.
