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Today's Shanghai aluminum main contract 1701 opened low and high, cutting some of yesterday's losses, Shanghai aluminum 1701 contract closed at 13410 yuan / ton, up 1.
59% per day, mainly boosted by the over-fall rebound
.
At present, the aluminum price is still effectively stabilized above the moving average group, and the technical form is strong
.
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 255 yuan / ton
.
External: Asian Lun aluminum high rise weak, pressure to fall, of which 3 months Lun aluminum fell 0.
78% to 1711 US dollars / ton, the current aluminum price from the October pullback low of 1608 US dollars / ton up 6.
4%, but its rise is still weaker than Shanghai aluminum, mainly suppressed by the strengthening of the US dollar, its lower technical support focus on 1700 US dollars / ton, the upper rebound resistance focus on the previous high of 1800 US dollars / ton
.
On the macro front: The Asian dollar index continued to fall under pressure and is now trading around 97, achieving a five-day decline as the market continues to digest uncertainty ahead of the US presidential election and will vote
next Tuesday.
Meanwhile, the Fed's November meeting left interest rates unchanged and hinted at the possibility
of a December rate hike.
Watch for the BoE interest rate release
tonight.
Aluminum industry information, SMM statistics domestic electrolytic aluminum stocks: 92,000 tons in Shanghai, 73,000 tons in Wuxi, 13,000 tons in Hangzhou, 62,000 tons in the South China Sea, 16,000 tons in Gongyi, a total of 256,000 tons in the five places, an increase of 31,000 tons
from last Thursday.
Market: On November 3, the Shanghai transaction concentrated 14240-14250 yuan / ton, and the premium for the month was 350-370 yuan / ton
.
Shanghai holders stable shipments, Wuxi inventory increased more, holders increased shipments, middlemen on the future market trend is not clear, cautious mentality continues, although the spot price for two consecutive days have fallen more than 300 yuan / ton, but downstream enterprises still can not bear this high price, try to delay the order production, the receiving strength has not seen a significant recovery
.
Hangzhou's circulating supply is tight, and it is difficult for middlemen and downstream to find Hangzhou sources, so the spot price of Hangzhou is much
higher than that of Shanghai Wuxi.
Shanghai aluminum 1701 contract oscillation rebounded to 13410 yuan / ton, short-term capital focus slightly shifted, Shanghai copper and Shanghai nickel or is expected to become a rising star, and aluminum prices continue to rise after facing technical pullback demand, short-term chasing needs to be cautious
.
In terms of operation, it is recommended that the Shanghai aluminum 1701 contract can be backed by 13600 yuan at a high altitude, the entry reference is 13450 yuan, and the lower support is 13200 yuan / ton
.
