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October 20 aluminum market morning review

 Last Update: 2022-12-26
 Source: Internet
 Author: User

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Aluminum market morning comment: strong US dollar and continuous sharp recovery of inventory inhibited the rebound of external aluminum prices, and the external aluminum price opened high on Wednesday and fell back, and the LME three-month aluminum price only closed up 0.
46% to 2190 US dollars / ton
.
Shanghai aluminum rebounded in overnight trading, and spot supply tightened to suppress bears
.
The main 2211 contract closed slightly above 18355 yuan / ton
.

Aluminum City

The spot market was active in the morning, and the market opportunity was enthusiastic when the price rebounded, especially among traders, while the holders were reluctant to sell, resulting in a tight supply of circulating goods, but the enthusiasm for downstream receiving did not continue
.
The mainstream trading price in Shanghai is around 18,390 yuan / ton, which is about
10 premiums over futures.
The mainstream transaction price in Guangdong is around 18480 yuan / ton
.

The domestic epidemic affected shipments, market arrivals decreased, and consumption showed a marginal improvement trend, making spot supply tighter and giving support to futures prices
.
However, the recent overseas market continued to operate weakly, dragging down the internal trend
.
In the short term, domestic aluminum prices are expected to rebound slightly, while the strength of the rebound is limited by the overall consumption is less than expected and overseas prices continue to weaken.

Short-term recommended interval operation is the mainstay
.
Pay attention to the improvement in domestic consumption and overseas disturbances
.

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