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Today's Shanghai aluminum main month 2110 contract, opening 22725 yuan / ton, the highest intraday 23200 yuan / ton, the lowest 22665 yuan / ton, settlement 22630 yuan / ton, the end of the close to 22820 yuan / ton, up 190 yuan
.
Today's Shanghai aluminum is strong shock, the State Reserve Bureau dumped 70,000 tons of aluminum ingots, superimposed electrolytic aluminum social inventory continues to accumulate, putting pressure on aluminum prices, but local power cuts continue to increase, the impact on aluminum supply side still exists, and the shortage of electricity or continue to affect supply and demand, aluminum price fundamentals are still supported
.
Today, Lun aluminum fluctuated to the downside, LME three-month Beijing time at 15:01 at 2919 US dollars / ton, down 13 US dollars, or 0.
43%
from the previous trading day's settlement price.
In terms of the market, today's spot trading price of Yangtze River is 22810-22850 yuan / ton, up 350 yuan; Guangdong South Reserve reported 22810-22870 yuan / ton, up 350 yuan; China reported 22850-22890 yuan / ton, up 330 yuan
.
Cargo holders continue to scramble to lower their dumps, receiving parties are high and less expensive, showing no market, trading is still weak, and the actual transaction performance is quiet
.
In terms of fundamentals, domestic social stocks rose by 29,000 tons from last week to 818,000 tons on Monday, and short-term supply and demand turned into surplus
.
The Fed's September meeting showed that TAPER could begin in November, putting some pressure
on metal prices.
On the supply side, the off-season in the fourth quarter coupled with the production restrictions in Xinjiang and Guangxi caused supply to decrease expectations, medium-term supply is expected to grow significantly, in addition, the market is worried that the rise in overseas winter electricity prices may significantly push up costs, aluminum prices are expected to still have support, the trend is short-term vigilant pullback
.
Market caution has heated up as investors await speeches from US Federal Reserve policymakers for more clues on tapering strategies
.
At present, the dual control of domestic energy consumption continues to ferment, the power limit and production limit in the production area are imposed, and the supply disturbance of the aluminum market is continuous, which supports the futures price
.
In the short term, it is expected that aluminum prices will maintain a high volatility trend, and pay close attention to changes in domestic inventories
.
