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On Tuesday, the main 2011 contract of Shanghai aluminum opened high and fluctuated, with the highest 14690 yuan / ton and the lowest 14540 yuan / ton within the day, closing at 14620 yuan / ton, up 0.
17% from the previous trading day's close; In the external market, LME aluminum fluctuated slightly, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1854.
5 US dollars / ton, down 0.
08%
on a daily basis.
Market focus: (1) Top ECB officials have increased their call on governments to continue to provide fiscal support to help economies recover from the pandemic, warning against premature withdrawal of relief measures
.
(2) According to data from the General Administration of Customs, China's exports of unwrought aluminum and aluminum products in September were 426,000 tons, an increase of 7.
7% month-on-month, a year-on-year decrease of 2.
1%, and 395,000 tons in August; the cumulative export volume from January to September was 3.
561 million tons, a year-on-year decrease of 813,000 tons, down 18.
6%.
Spot analysis: On October 13, spot A00 aluminum was reported at 14950-14990 yuan / ton, with an average price of 14970 yuan / ton, a daily increase of 90 yuan / ton
.
Yangtze River Nonferrous Metal reported that the market mainly shipped at low prices, the enthusiasm of large households to receive goods was general, and the downstream just needed to purchase, and the trading performance was flat
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 125822 tons on Tuesday, a daily increase of 4427 tons; On October 12, LME aluminum stocks were 1422475 tons, an increase of 6,150 tons
per day.
Main positions: the top 20 long positions of Shanghai aluminum main 2011 contract were 70331 lots, with a daily increase of 3269 lots, short positions of 89345 lots, a daily increase of 3963 lots, net short positions of 19014 lots, a daily increase of 694 lots, long and short increases, and net space increased
.
Market research and judgment: On October 13, the main force of Shanghai aluminum 2011 opened high.
China's manufacturing industry continued its growth trend in September, market demand performed better, and overseas demand also improved, and Lun aluminum inventories continued to dematerialize, supporting aluminum prices
.
However, the lack of substantial progress in the new round of stimulus policies in the United States and the expectation of continued easing in Europe slowed the decline of the dollar; The new production capacity of domestic electrolytic aluminum is also gradually released, and high profits have also stimulated the release of idle production capacity; In addition, the opening of the import profit window stimulates the continuous inflow of overseas goods and restricts the upward momentum
of aluminum prices.
Technically, the main position of Shanghai aluminum 2011 contract increased, closed high doji, and is expected to fluctuate
at short-term highs.
