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Today's Shanghai aluminum 1612 contract rushed back down, and fell into a high oscillation finishing, the end of the day closed at 13620 yuan / ton, up 2.
41%, the daily closing price hit a high since November 28, 2014, the current aluminum price effectively stabilized above the moving average group, 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 1611 and 1612 contracts widened to 315 yuan / ton
.
Externally: Asian Lun aluminum oscillation slightly rose, of which 3-month Lun aluminum rose 0.
36% to 1676 US dollars / ton, back above the moving average group, and from the pullback low of 1608 US dollars / ton back 4.
22%, but its rise is still weaker than Shanghai aluminum, mainly suppressed by the strengthening of the US dollar, its lower technical support focuses on 1610 US dollars / ton, and the upper rebound resistance focuses on the previous high of 1694 US dollars / ton
.
Macro: The Asian dollar index stabilized around 98.
7 as short-term U.
S.
economic data was strong
.
The preliminary Markit manufacturing PMI in October was 53.
2, the highest since October 2015 and higher than the expected 51.
5, indicating that the US manufacturing industry continues to expand
.
During the week, the market focused on the third quarter GDP of the United Kingdom and the United States on Wednesday and Thursday, and it is expected to be long
and short.
Aluminum industry news, Norwegian aluminum producer Hydro recently slightly raised the global aluminum demand forecast, it is expected that global aluminum demand in 2016 is expected to increase by 4-5%.
Market: October 26 Shanghai aluminum trading 14580-14600 yuan / ton, the monthly premium of aluminum is 580-620 yuan / ton, Wuxi transaction is 14570-14590 yuan / ton, Hangzhou transaction is 14570-14590 yuan / ton, today's East China market high premium pattern maintained, after yesterday's soaring, today including holders and downstream are expected, the overall transaction is slightly better than yesterday, but the wait-and-see mood is still strong, short-term supply shortage is difficult to improve, High water
premiums are expected to continue.
The intraday Shanghai aluminum 1612 contract oscillated as high as 13620 yuan / ton, which was much stronger than other base metals because of its energy attributes
.
In terms of operation, it is recommended that the Shanghai aluminum 1612 contract can follow the trend to back above 13,300 yuan to bargain more, enter the market reference around 13,500 yuan, and target 14,000 yuan / ton
.
