Social inventory is stable and destocked, and aluminum prices remain high and volatile

In terms of external trading, Lun aluminum opened higher today, and the LME three-month aluminum Beijing time was reported at 1850 US dollars / ton at 15:01 Beijing time, up 10.
5 US dollars, or 0.
57%,
from the settlement price of the previous trading day.

In terms of the market, today's spot trading price of Yangtze River is 14870-14910 yuan / ton, down 50 yuan; Guangdong South Reserve reported 14880-14940 yuan / ton, up 20 yuan; Hua reported 14980-15000 yuan / ton, down 70 yuan
.
The demand for long-term orders is strong, the receipt of large households drives the market, the downstream stops and watches, and traders mainly
trade.

Industry news, according to data from the International Aluminium Association (IAI), global primary aluminum production fell to 5.
424 million tons in September and 5.
524 million tons
in August.
China's primary aluminum production fell to 3.
15 million mt in September, compared with 3.
184 million mt
in August.

In the case that the domestic and foreign economies are still repairing, the demand growth rate of more than 10% year-on-year in August ~ September is difficult to convince investors, and the accumulation expectation will follow, and this expectation may become a norm in the fourth quarter, and it has also become the basis
for arbitrage in the near and far months.
Under the expectation of normalization of oversupply of fundamental supply in the fourth quarter, the uncertainty lies in macro factors and the market sentiment guided, coupled with the larger back structure, the time point of Shanghai's comprehensive short selling has been continuously delayed
.