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Today's Shanghai aluminum 1612 contract fell under pressure, falling to 12590 yuan / ton at the end of the day, down 1.
53% per day, at present, Shanghai aluminum is still effectively stabilized above the moving average group, and 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 narrowed to 275 yuan / ton, indicating that the willingness of forward contracts to pull back has risen
.
In terms of external trading: Asia Lun aluminum continued to fall under pressure, of which 3-month Lun aluminum continued to fall 1.
1% to 1624 US dollars / ton, falling to a low point in nearly a month, showing that the upper selling pressure is heavier, and the short-term Lun aluminum decline is mostly after the Shanghai aluminum market closes, showing that the external performance is significantly softer, mainly suppressed by the strength of the US dollar and the high pullback of crude oil futures, and the technical support below focuses on 1600 US dollars / ton
.
On the macro front: The Asian dollar index is weakly fine-tuned and is now trading around 97.
77, but still close to the seven-month high set this week
.
China's GDP grew by 6.
7% as expected, unchanged for the third consecutive quarter, but the added value of industries above designated size increased by 6.
0% year-on-year from January to September, slightly lower than the expected 6.
1%, indicating that downward pressure on industry remains
.
Aluminum industry information, China's primary aluminum production in September climbed 6.
5% year-on-year to 2.
7 million tons, due to the restart of production, primary aluminum production in October may further increase to 2.
8 million tons
.
Market: On October 19, Shanghai aluminum trading concentrated 13240-13250 yuan / ton, and the premium for the month was 350-360 yuan / ton
。 Shanghai Wuxi supply is tight, the willingness of the holders to raise the price breeds, Hangzhou Gan aluminum supply is sufficient, the cargo attitude of the holder is more positive than the Shanghai Wuxi holders, so the Hangzhou spot price is relatively low, the early stage of the transaction, due to the tight spot, intermediaries and downstream willingness to receive goods are more active, even if the later period of aluminum volume downward, and the spot price still shows strong resistance, the spot premium is higher than yesterday, the quotation has not changed, the downstream is difficult to find a low-price source, the market shows a weak period, supply and demand are temporarily in a tug-of-war
.
The Shanghai aluminum 1612 contract fell under pressure to 12,590 yuan / ton during the day, as China's economic indicators in the third quarter were intertwined, and the industrial added value slowed down further in September, which was not conducive to the rise of base metals, while the market's concerns about oversupply in the aluminum market climbed, which also weighed on aluminum prices
.
In operation, it is recommended that the Shanghai aluminum 1612 contract can sell high and low between 12750-12550 yuan, and the stop loss is 100 yuan / ton
each.