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November 28 aluminum market morning review

 Last Update: 2022-12-29
 Source: Internet
 Author: User

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Aluminum market morning comment: On Friday, the external aluminum price was weak and volatile as the dollar index rebounded, and the LME three-month aluminum price closed down 0.
13% to $2365 / ton
.
Stimulated by the news of the RRR cut, the domestic night session opened slightly higher, but then the bulls reduced their positions, the price dived, and the main 2301 contract closed below 18780 yuan / ton
.

Aluminum City

In the morning, the spot market trading remained at a certain level, due to the tight supply of circulating goods, the willingness of holders to raise prices was strong, traders purchased relatively actively, and downstream on-demand procurement was the mainstay
.
The mainstream trading price in the East China market is around 19,040 yuan / ton, which is about 70 higher than that of futures
.

With the landing of the RRR reduction, the macro situation is favorable or temporarily exhausted
.
At present, the fundamentals of aluminum are weak, production is steadily increasing, and consumption is declining due to seasonal off-season factors and the impact of the epidemic, but the impact of the epidemic on shipments is still large, explicit inventory is declining, and futures warehouse receipts have also fallen to a very low level
.
At present, supply and demand basically have a suppressive effect on prices, but it is difficult for aluminum prices to continue to fall
in the case of low inventory and extremely low warehouse receipts.
Operationally, it is recommended to wait and see for the time being, and wait for the short opportunity
after the base.

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