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LME aluminum fell back to its high on Wednesday, as of 15:05 Beijing time, 3-month Lun aluminum was reported at $1724.
5 / ton, down 0.
29%
on a daily basis.
The main 1912 contract of Shanghai aluminum continued to rise, with the highest 13840 yuan / ton and the lowest 13745 yuan / ton during the day, closing at 13835 yuan / ton, up 0.
51% from the closing price of the previous trading day; The trading volume was 96,300 lots, an increase of 2,680 lots per day, and the position was 237,400 lots, an increase of 13,652 lots per day
.
The basis was expanded to 45 yuan/ton; The monthly price of Shanghai aluminum in 1911-1912 was expanded to 50 yuan / ton
.
Market focus: Negotiations between the EU and the UK are close to reaching a draft
Brexit agreement.
The IMF lowered world economic growth to 3% in 2019, down from its July forecast of 3.
2%.
At 20:30 Beijing time on Wednesday, the United States will release September retail sales data, which may affect the Fed's interest rate cut expectations
.
Spot analysis: On October 16, the spot A00 aluminum quotation was 13860-13900 yuan / ton, the average price was 13880 yuan / ton, and the daily increase was 110 yuan / ton
.
Intraday aluminum rose sharply, the enthusiasm of the holders who were reluctant to sell in the early stage has been significantly improved, and the enthusiasm of middlemen to receive goods has not decreased, some traders believe that the spot market is tight, and there are certain expectations for aluminum prices and premiums in the short term, so the receipt of goods is more active, and buyers and sellers are actively
trading.
Due to the sharp rise in aluminum prices, some downstream on-demand goods are the mainstay, but some traders have also reported that a small number of manufacturers have not bought much because of the price wait-and-see in the early stage, and now the inventory consumption is few and have to start receiving goods
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 98,686 tons on Wednesday, a daily increase of 3,178 tons; On October 15, LME aluminum stocks were 985,900 tons, an increase of 2,300 tons
per day.
Main positions: the top 20 long positions of the main 1912 contract of Shanghai aluminum are 79562 lots, an increase of 4332 lots per day, short positions are 88749 lots, a daily increase of 2595 lots, a net short position of 9187 lots, a daily decrease of 1737 lots, more short increases, and net space decreases
.
On October 16, the main force of Shanghai aluminum 1912 continued to rise
.
Optimistic news from Brexit, the pound rose to the dollar under pressure, while electrolytic aluminum inventories showed a downward trend, supporting aluminum prices, but the IMF once again lowered this year's global GDP growth rate, market pessimism heats up, the current alumina production capacity continues to expand, inventories rise to pressure prices, and downstream demand continues to weaken, aluminum rod inventory has accumulated, aluminum prices still lack upward momentum
.
In terms of spot, the increase in aluminum is large, the enthusiasm of middlemen to receive goods has not decreased, and some downstream on-demand goods are the mainstay, but there are also traders who feedback that a small number of manufacturers have not bought much because of the price wait-and-see in the early stage, and now the inventory consumption is few and have to start receiving goods
.
Technically, the main 1912 contract daily KDJ low golden cross of Shanghai aluminum pays attention to the resistance above 13930, and it is expected to encounter resistance
in the short term.
