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Today's Shanghai aluminum main contract 1701 continued to rebound, but the performance was relatively stagnatant, closing up to 14210 yuan / ton, up 0.
85% daily, trading range of 14020-14315 yuan / ton, the daily closing price is close to the high set on November 14 this year
.
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 remained flat at 390 yuan / ton, indicating that the willingness of the near-month contract to rise has risen
.
Externally: Asian Lun aluminum continued to rebound, of which 3-month Lun aluminum rose 0.
9% to 1734 US dollars / ton, its upper rebound resistance focus on 1750 US dollars / ton, short-term technical form performance is weaker than Shanghai aluminum, because the strength of the US dollar on Lun aluminum more than Shanghai aluminum, short-term Lun aluminum operating range focus on 1700-1750 US dollars / ton
.
On the macro front: The Asian dollar index rebounded and is now trading around 101.
07, near a recent high of 101.
48, as expectations of a Fed rate hike in December have risen
.
In addition, U.
S.
crude oil futures rose strongly overnight, with the main contract rising more than 4% in a single month, pushing up market expectations
for global inflation.
Aluminum industry information, data from the International Aluminum Association showed that the total global (excluding China) primary aluminum production in October was 2.
169 million tons, an increase of 73,000 tons month-on-month, while China's primary aluminum production in October decreased by 24,000 tons month-on-month to 2.
727 million tons, an increase of 52,000 tons year-on-year, the data shows that China's primary aluminum production in October was not as much as the increase in production in other parts of the world, and global primary aluminum supply pressure remained
.
In terms of market: on November 22, Shanghai trading concentrated 14910-14930 yuan / ton, the monthly premium was 310-350 yuan / ton, Wuxi transaction concentration was 14910-14920 yuan / ton, Hangzhou transaction concentration was 14880-14900 yuan / ton
.
Cargo holders have stable shipments, the activity of middlemen has converged compared with yesterday, and downstream enterprises can only choose to purchase
on demand.
Hangzhou has a day of gan aluminum for sale, the holder's willingness to ship is positive, so Hangzhou is higher than Shanghai Wuxi pattern changes, downstream goods have not improved
.
Aluminum futures are still performing strongly, spot prices are up in time, and futures and cash support and promote
each other.
The Shanghai aluminum 1701 contract rebounded strongly to 14210 yuan / ton during the day, further confirming the end of the short-term technical correction of Shanghai aluminum, as the short-term aluminum inventory continued to decline, and the arrival of cold air will affect spot supply
.
In terms of operation, it is recommended that the Shanghai aluminum 1701 contract short-term is more ideas, which can be backed by 14,000 yuan / ton above the dip, and the entry reference is around 14,100 yuan, and the target is 14,400 yuan / ton
.
