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On Wednesday, the main 2012 contract of Shanghai aluminum opened high and fell, with the highest 14960 yuan / ton and the lowest 14625 yuan / ton during the day, closing at 14750 yuan / ton, down 0.
07% from the previous trading day's close; In the external market, LME aluminum fluctuated down, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1880 US dollars / ton, down 0.
69%
on a daily basis.
Market focus: (1) The US presidential election has begun, and Biden has received more votes than Trump, but most of the states that have not yet announced the results are Trump ahead
.
(2) China's Caixin services PMI recorded 56.
8 in October, up 2 percentage points from September, and was in expansion territory for six consecutive months
.
Spot analysis: On November 4, spot A00 aluminum was reported at 15070-15110 yuan / ton, with an average price of 15090 yuan / ton, down 60 yuan / ton
per day.
Changjiang Nonferrous Metal reported that the market circulation is sufficient, the wait-and-see mood is rising, the enthusiasm of large households to receive goods is general, and the transaction is relatively flat
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 90,267 tons on Wednesday, a daily decrease of 1,607 tons, down for 4 consecutive days; On November 3, LME aluminum stocks were 1456075 tons, a daily decrease of 4,950 tons
.
Main positions: the top 20 long positions of Shanghai aluminum main 2012 contract were 69377 lots, minus 2867 lots per day, short positions were 82697 lots, daily minus 2081 lots, net short positions were 13320 lots, daily increase of 786 lots, long and short were reduced, and net space increased
.
On November 4, the main force of Shanghai aluminum 2012 opened high and fell
.
Domestic demand performance is acceptable, aluminum companies are gradually rising, and the import window continues to open, stimulating a large inflow of overseas goods, the recent inventory of both cities has declined, aluminum prices are strong
.
However, the US presidential election has begun, and there is huge uncertainty in the election results, which will trigger market worries and increase safe-haven demand for the US dollar; As well as the new production capacity of domestic electrolytic aluminum is also gradually released, the high profits of aluminum plants have also stimulated the release of idle production capacity, and the pressure on aluminum prices has gradually increased
.
Technically, the main 2012 contract position reduction of Shanghai aluminum fluctuated widely, and the bulls reduced their positions at the high, and it is expected that the short-term high will pullback
.
