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LME aluminum fluctuated up on Tuesday, and as of 15:10 Beijing time, 3-month Lun aluminum was reported at $1736 / ton, down 0.
03%
on the day.
The main 1912 contract of Shanghai aluminum rebounded, with the highest 13835 yuan / ton and the lowest 13740 yuan / ton during the day, closing at 13785 yuan / ton, down 0.
29% from the closing price of the previous trading day; The trading volume was 116,100 lots, an increase of 27,410 lots per day, and the position was 240,300 lots, an increase of 5,456 lots
per day.
The basis was reduced to 155 yuan/ton; The price difference between Shanghai aluminum from 1912 to 2001 narrowed to 30 yuan / ton
.
Market focus: U.
S.
House Speaker Nancy Pelosi announced that an all-hands vote will be held on October 31 to formalize the impeachment inquiry process
against Trump.
According to the Ministry of Industry and Information Technology, it will release the standardized conditions of the aluminum industry as soon as possible to promote the orderly withdrawal
of uncompetitive production capacity.
Spot analysis: On October 29, the spot A00 aluminum quotation was 13920-13960 yuan / ton, the average price was 13940 yuan / ton, down 60 yuan / ton
per day.
The price fell back within the day, a large household took the lead in receiving more than 10,000 tons, the enthusiasm of the cargo holders was increased compared with the previous day, the middleman received goods at a low price was also more active, the buyer and seller traded actively, and the transaction was better than the previous day
.
Downstream manufacturers because of the price decline, suppressed a few days of demand to be partially released, intraday receipt status is better than the previous day, but compared with a large amount of goods still a certain distance
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 68,344 tons on Tuesday, a daily decrease of 575 tons, down 9 consecutive days; On October 28, LME aluminum stocks were 963825 tons, a daily decrease of 2,375 tons, a drop of 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 1912 contract are 78141 lots, a daily increase of 361 lots, short positions are 85096 lots, a daily increase of 601 lots, a net short position of 6955 lots, a daily increase of 240 lots, long and short increases, net short increases
.
During the day, the main force of Shanghai aluminum in 1912 fell and rebounded
.
The Federal Reserve interest rate meeting is coming, the US dollar is under slight pressure, the Sino-US trade negotiations have made some progress, and the market risk appetite is heating up, while the current electrolytic aluminum operating capacity is still at a low level, and the inventory dematerialization continues, which supports the aluminum price, but the upstream alumina price is low, the rally is slowing down, and the electrolytic aluminum has production capacity release expectations, and the upward action of aluminum prices is weak
.
In terms of spot, intraday prices fell, a large household took the lead in receiving more than 10,000 tons, the enthusiasm of cargo holders to ship increased compared with the previous day, middlemen received goods at low prices were also more active, and downstream manufacturers partially released demand for several days because of the price decline
.
Technically, the trading volume of the main 1912 contract of Shanghai aluminum has increased, and the daily MACD low golden cross is expected to be strong
in the short term.
