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Overnight, Shanghai aluminum opened slightly higher and fluctuated, did not follow the LME to rise, Shanghai aluminum main 2212 closed at 18665 up 105, LME March aluminum closed at 2330 up 115
.
On the news, the preliminary manufacturing PMI of the euro area in October was 46.
6, a new low since June 2020, the preliminary value of the Markit manufacturing PMI in the United States in October was 49.
9, a new low since June 2020, and fell below the wilt line for the first time in two years; the preliminary value of the service PMI was 46.
6, less than expected and the previous value, and contracted
for four consecutive months.
Domestic aluminum spot performance is tight, inventory continues to deteriorate, price support is strong, but the upper selling pressure is large, due to weak market demand and low confidence; Price expectations fluctuated
widely, with the recent poor U.
S.
economic data, the Federal Reserve's easing of aggressive interest rate hike plans, a sharp pullback in the dollar, intensifying medium-term recessionary pressures and expectations of the LME banning Russian metals from entering the market.
It is expected that the price of Shanghai aluminum will still maintain a range of 17800-19100 in the near future, and it is recommended that the 2212 contract can appropriately layout short orders in the 18700-18800 range (if the LME announces sanctions against Russian metals, the price can be appropriately raised to the 192-19500 range).
