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Today's Shanghai aluminum main contract 1701 under pressure and heavy setback, performance is far worse than other base metals, Shanghai aluminum 1701 contract closed at 13245 yuan / ton, down 1.
23% daily, the current aluminum price from this round of high 14285 yuan / ton has accumulated 7.
25%, thus pounding back the moving average intertwined operation, short-term trend bias.
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 1612 and 1701 contracts narrowed to 180 yuan / ton
.
External: Asian Lun aluminum high rise weak, pressure to fall, of which 3 months Lun aluminum fell 0.
14% to 1724 US dollars / ton, the current aluminum price from the October pullback low of 1608 US dollars / ton rebounded nearly 6%, performance resistance to the decline in Shanghai aluminum, as the US dollar index under pressure decline, its lower technical support focus on 1700 US dollars / ton, the upper rebound resistance focus on the previous high of 1800 US dollars / ton
.
Macro: The Asian dollar index rose slightly and is now trading around 97.
2, after falling for five consecutive days (a cumulative decline of 1.
82%) as the market continues to digest uncertainty ahead of the US presidential election and will vote
next Tuesday.
In addition, the final monthly value of durable goods orders in the United States fell by 0.
3% in September, down 0.
1% expected, and rose 0.
3%
in August.
Watch for the US non-farm payrolls data for October tonight, which is expected to increase by 180,000 people
.
Aluminum industry information, Yulian Group's annual output of 600,000 tons of high-precision aluminum construction project invested and controlled by Russian enterprises was completed and put into operation
in Gongyi City, Henan Province on the 3rd.
Market: On November 4, Shanghai aluminum trading concentrated 14230-14250 yuan / ton, and the premium for the month was 330-350 yuan / ton
.
With the coming of the weekend, the receiving efforts of downstream enterprises picked up, and the activity of middlemen increased, pushing up spot prices slightly; Wuxi's circulating supply is still abundant, and the downstream stocking demand has rebounded over the weekend; Hangzhou's circulating supply continues to be tight, the market is difficult to find a source of goods, pushing up the spot price 100 yuan / ton higher than Wuxi, resulting in some downstream enterprises in Hangzhou purchasing from Wuxi, Shanghai and other places, but most enterprises still hope to purchase directly from Hangzhou, eliminating the need to arrange transportation vehicles and other links, thereby supporting the high spot price in Hangzhou
.
During the day, the Shanghai aluminum 1701 contract fell under pressure to 13245 yuan / ton, the focus of short-term funds shifted slightly, Shanghai copper and Shanghai nickel are expected to become rising stars, and aluminum prices fell into a low oscillation in the short term
.
It is recommended that the Shanghai aluminum 1701 contract can be backed by 13500 yuan below the sky, the entry reference is 13250 yuan, and the lower support is 13100 yuan / ton
.
