Shanghai aluminum fluctuates and the market bulls and bears continue to tug-of-war

In terms of external trading, Shanghai aluminum opened at 1708.
5 US dollars / ton in the morning, crude oil fell sharply during the Asian session, domestic Shanghai aluminum continued to decline, the center of gravity of London aluminum trading also continued to move down, once pierced the 40-day low touched the 1700 US dollars / ton integer mark, noon Lun aluminum narrow running near the daily moving average, in the afternoon by the surrounding metals pulled, Lun aluminum opened an upward trend, into the European trading session Lun aluminum continued to rebound, the high touched 1716 US dollars / ton, the 5-day moving average initially showed resistance, as of 17:30 Lun aluminum 1715 US dollars / tons, up $8, is expected to continue to fluctuate around the 40-day line, and focus on the $1700/ton integer mark below
.

In terms of the industry, Weiqiao Group's latest statement surface, the third berth of Guinea bauxite port No.
2 was completed and put into use in October, and 15 million tons of ore will be transported back this year, and 30 million tons will be reached next year, building the world's largest single bauxite mining enterprise; According to data from the US Department of Commerce, the US imports of unprocessed and unalloyed aluminum in October decreased month-on-month to 163,000 tons, and the cumulative import from January to October was 1.
78 million tons
.

In terms of the market, aluminum futures continued to decline before noon of the month, recording a low of 13435 yuan / ton
.
Shanghai transaction concentration is 13440-13460 yuan / ton, the discount for the month is 80-10 yuan / ton, Wuxi transaction concentration is 13390-13410 yuan / ton, Hangzhou transaction concentration is 13460-13470 yuan / ton
.
Aluminum fell endlessly in the month, smelters competed to sell goods, holders were panicked, spot discounts continued to press, market buyers had more right to speak, the market did not show signs of stopping, middlemen maintained a wait-and-see attitude, downstream enterprises purchased on demand, did not need to increase their own inventory, and the overall transaction was still relatively cold
.
The price of alumina continues to rise, the profit of electrolytic aluminum is extremely compressed, and it is close to the cost price of the industry.

In the late afternoon, aluminum first fell and then rose, and continued to test the low, but the main force of Shanghai aluminum rose in the afternoon, and the holders did not raise prices with the future, but the willingness to ship at low levels weakened, middlemen and downstream inquiries were rare, and a small number of bargain-hunting bulk orders were traded
.

At present, due to the slump of aluminum ingots in the spot market, the discount continues to expand, which makes the decline of aluminum in early trading expand; In the medium term, the growth pressure on the supply side continues, and it is difficult for aluminum prices to perform
well under the deterioration of fundamentals.
On the plate, the long-short divergence between Shanghai and aluminum low intensified, and it was supported at the 60-day moving average, and there was little room to continue to go downward, waiting for the opportunity to sell short at the high level after the rebound
.