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Driven by market optimism and strong expectations of Chinese demand, Shanghai aluminum extended its rally today, closing at three o'clock, the main 2012 contract closed up 1.
65% to 16060, up 260
from the previous session.
Intraday as expected to break through 16,000, short-term smelter raw material supply is still one of the factors leading the price increase, the price of aluminum is not changed, Shanghai aluminum or new high, pay attention to the 1.
65-17,000 mark; it is expected that tomorrow's spot aluminum price will rise
In terms of raw materials, the price of alumina fell slightly, and the profits of the electrolytic aluminum industry rose slightly, and the production profit is still in a high position from a historical point
of view.
On the demand side, China's downstream automotive and infrastructure data performed strongly in October, indicating that China's economy maintained its recovery momentum and domestic market demand performed better
.
Overall, the global manufacturing industry recovery is strong, aluminum fundamentals have improved, and multilateral cooperation between countries has become smoother after Biden's victory, which has promoted the global economic recovery, and it is expected that the short-term aluminum price trend will continue to be strong and volatile
.
