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LME aluminum fell slightly on Wednesday, as of 15:05 Beijing time, 3-month Lun aluminum was reported at $1734.
5 / ton, down 0.
14%
on a daily basis.
The operation of the main 2001 contract of Shanghai aluminum fluctuated upward, with the highest 13785 yuan / ton and the lowest 13720 yuan / ton within the day, closing at 13780 yuan / ton, up 0.
29% from the closing price of the previous trading day; The trading volume was 65378 lots, and the daily decrease was 25918 lots; The position was 230,400 lots, a daily decrease of 3,492 lots
.
The basis was reduced to 200 yuan/ton; The price difference between Shanghai aluminum from 1912 to 2001 widened to 100 yuan / ton
.
Market Focus: Trump reiterated that if no deal is negotiated, tariffs on Chinese goods will be raised
.
At 3:00 Beijing time on Thursday, the FOMC will publish the minutes of
the October monetary policy meeting.
China will exempt unwrought aluminum alloys from Pakistan, which previously did not export the commodity to China, starting Dec.
1 in an effort to encourage Chinese recycled aluminum companies to invest in Pakistan
.
Spot analysis: On November 20, the spot A00 aluminum quotation was 13960-14000 yuan / ton, the average price was 13980 yuan / ton, and the daily increase was 20 yuan / ton
.
Holders in Hangzhou did not ship much, and the quotation was relatively firm
.
Large households in Shanghai and Tin received a small amount of goods in the morning, and the shippers shipped more actively before the afternoon, the middlemen received the goods normally, and the buyers and sellers traded
fairly.
Downstream on-demand goods are mainly taken, and there are not many bright spots
in the mediocre receiving of goods.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 92,089 tons on Wednesday, a daily decrease of 50 tons; On November 19, LME aluminum stocks were 1158975 tons, an increase of 2,725 tons per day, an increase of 6 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract were 70982 lots, minus 1344 lots per day, short positions were 82843 lots, daily minus 612 lots, net short positions were 11858 lots, daily increase of 732 lots, long and short were reduced, and net space increased
.
Market research and judgment: On November 20, the main force of Shanghai aluminum 2001 fluctuated up
.
Trump reiterated the Sino-US trade threat, Sino-US trade negotiations are still uncertain, adding to the market's worries, while upstream alumina inventories have increased, prices have fallen, and electrolytic aluminum is expected to be put into production, putting pressure on aluminum prices, but the current electrolytic aluminum spot inventory has fallen to a new low since February 2017, coupled with downstream aluminum rod production has rebounded significantly, inventory has fallen, and has greater support for aluminum prices
.
In terms of spot, large households in Shanghai and tin received a small amount of goods in the morning, and the cargo holders shipped more actively before the afternoon, the middlemen received the goods normally, the buyers and sellers traded fairly, and the downstream goods were mainly taken on demand, and the receipt of goods was mediocre and there was not much bright spot
.
Technically, the main 2001 contract daily KDJ indicator golden cross, mainstream bulls increased their positions greatly, and short-term volatility is expected to be strong
.
