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On Thursday, the Shanghai aluminum 1612 contract continued to oscillate at a high level, closing at 13530 yuan / ton, down 0.
66% per day, and the daily closing price was close to the high since November 28, 2014.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1611 and 1612 contracts widened to 380 yuan / ton
.
Externally: Asian Lun aluminum oscillation slightly rose, of which 3-month Lun aluminum slightly fell 0.
15% to 1680 US dollars / ton, stabilized above the moving average group, and recovered 4.
22% from the low of 1608 US dollars / ton, but its rise is still weaker than Shanghai aluminum, mainly suppressed by the strengthening of the US dollar, its technical support below 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 information, Chen Quanxun, president of the China Nonferrous Metals Industry Association, said that China's alumina output from January to September this year was 44.
09 million tons, an increase of 0.
4% year-on-year; The output of electrolytic aluminum was 23.
44 million tons, down 1.
4% year-on-year, and the output fell year-on-year for nine consecutive months
.
Market: October 27 Shanghai spot trading 14430-14460 yuan / ton, the monthly premium of aluminum 580 ~ 610 yuan / ton, the premium compared with yesterday is almost unchanged, Wuxi transaction 14420 ~ 14450 yuan / ton, Hangzhou transaction 14460 ~ 14500 yuan / ton, although the East China market continues to maintain a high premium, but the market is afraid of heights, downstream enthusiasm is poor, so the market transaction is not as good as yesterday
.
The Shanghai aluminum 1612 contract oscillated to stabilize to 13530 yuan / ton during the day, 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 the 13,300 yuan above the dip, enter the market reference around 13,450 yuan, and target 14,000 yuan / ton
.
