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Yesterday's Shanghai aluminum daily trading was weak and volatile, once approaching the limit board, mainly because of the decline in coal prices to weaken the cost support of aluminum prices, and the market panic was heavier, the night trading slightly rebounded, mainly because the market sentiment has recovered
.
The overseas energy problem has not yet been resolved, and there is still a risk of
production reduction.
Transmitted by the thermal coal price drop sentiment, superimposed aluminum ingot inventory continuous accumulation, Shanghai aluminum intraday double bearish superposition, bulls panic exit aggravated Shanghai aluminum decline, intraday Shanghai aluminum 2111 contract once fell 7.
67%, East China spot morning only a short window of trading, concentrated on the opposite plate discount 140-180 yuan / ton, concentrated 23080-23120 yuan / ton, spot sentiment is still sluggish, price decline process, inhibit downstream buying impulse, wait-and-see sentiment increases
.
Fundamentally, the supply side of the limited electricity impact still shows a tightening trend, and it is not ruled out that smelters in the northern region may further reduce pressure production due to the impact of the heating season
.
Holders at the consumer end actively shipped, the receiver replenished goods on demand, the transaction was general, and the operating rate of downstream aluminum strip enterprises in Henan was affected
.
Inventory data shows that the domestic aluminum ingot social library has accumulated
.
In terms of stocks, LME stocks stood at 1,098,300 mt as of Oct.
20, down 0.
5 million mt
from the previous session.
As of October 18, the social stock of aluminum ingots rose by 41,000 tons from last week to 928,000 tons
.
In terms of price, the supply and demand ends of aluminum will still benefit from the impact of the concept of "carbon neutrality" for a long time in the future, at this stage the supply and demand of the aluminum market is weakening, but the power rationing has a long impact on the domestic supply side, and the consumer side is more elastic, so it is still recommended to go long on the dip, and it is also recommended to treat it with a long idea in the cross-variety arbitrage strategy
.
