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Today's Shanghai aluminum 1612 contract continued to rise strongly, the performance was stronger than Lun aluminum, closing up to 12710 yuan / ton, up 1.
03% from yesterday's closing price, the current Shanghai aluminum effectively stabilized above the moving average group, the technical form is stronger than other non-ferrous metals
.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1611 and 1612 contracts widened to 240 yuan / ton, indicating that the near-term contract is much stronger than the forward
.
External trend: Asian aluminum oscillation stabilized, of which 3-month Lun aluminum slightly rose 0.
03% to 1691 US dollars / ton, effectively maintaining the rise during the long holiday, so that Lun aluminum stabilized above the moving average group, but the short-term Lun aluminum RSI indicator rose to the overbought area, need to be vigilant of technical correction needs, short-term operating range attention to 1710-1660 US dollars / ton
.
Macro: The Asian dollar index continued to rise to around 97.
1, and U.
S.
crude oil futures edged down 0.
51% under pressure, basically maintaining their overnight gains of as high as 3.
25%, as Iran agreed to limit oil output to 475-5 million b/d and Russian President Vladimir Putin said Russia was ready to join the freeze production deal
.
The market is now focused on China's September trade data
on Thursday.
In terms of industry, India's mining minister said that in order to protect the local aluminum industry, India may set a minimum price for aluminum or raise aluminum import tariffs
.
Market: On October 11, Shanghai aluminum trading concentrated 13410-13430 yuan / ton, and the premium for the month was 130-150 yuan / ton
.
Although the arrival of aluminum ingots after the holiday was 44,000 tons, less than expected, but due to the concentrated arrival in Wuxi of 31,000 tons, and with the approach of the change month, Wuxi holders are increasingly willing to exchange cash, led by ganaluminum today's dumping behavior, spot quotations are declining, resulting in the cautious mood of middlemen, buying up not buying down downstream enterprises continue to wait and see mood, only according to just need to purchase
.
The market is finally breaking the seller's market pattern
.
Intraday Shanghai aluminum 1612 contract soared strongly to 12710 yuan / ton, due to the strong rebound of short-term crude oil futures, and the previous period of aluminum inventory continued to decline, triggering future replenishment expectations, the current Shanghai aluminum technology rebound pattern maintained well, conducive to aluminum prices higher
.
It is recommended that the Shanghai aluminum 1612 contract can be backed above 12580 yuan to bargain more, the entry reference is around 12650 yuan, and the target is 12850 yuan
.
