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Today's Shanghai aluminum main contract 1701 rebounded strongly, the performance is very bright, closing at 14090 yuan / ton, up 3.
34% daily, trading range of 14140-13480 yuan / ton, the daily closing price returned to the high point since November 14 this year
.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1612 and 1701 contracts narrowed to 400 yuan / ton, indicating that the willingness of near-month contracts to rise has risen
.
Externally: Asian Lun aluminum stopped falling and rebounded, of which 3-month Lun aluminum rose 1.
03% to 1712.
5 US dollars / ton, its upper rebound resistance focus on 1730 US dollars / ton, short-term technical form performance weak Shanghai aluminum, because the strength of the dollar on Lun aluminum more than Shanghai aluminum, short-term Lun aluminum operating range focus on 1700-1750 US dollars / ton
.
On the macro front: The Asian dollar index remained elevated and is now trading around 101.
15, near a recent high of 101.
48 set overnight, as expectations of a Fed rate hike in December rose
.
In addition, President Xi Jinping's keynote speech at the Asia-Pacific Economic Cooperation (APEC) in Peru last weekend emphasized an open economy and a new ambition to expand Belt and Road cooperation, which rekindled expectations of increased commodity demand
.
Aluminum stocks at Japan's three major ports were 278,200 tonnes at the end of October, down about 2.
9 percent
from the previous month, according to data released on Monday by trading firm Marubeni Corp.
Market: On November 21, Shanghai aluminum trading concentrated 14530-14620 yuan / ton, and the premium for the month was 320-360 yuan / ton
.
The cold wave hit, the market is worried about the subsequent arrival volume, coupled with the period of aluminum that month all the way up, the holder with the market to raise the price is strong, traders have a strong willingness to receive goods, boost the quotation all the way up and there are transactions, downstream enterprises are defenseless, still on demand procurement, this week's heavy snow weather will become the main driving force
for spot price increases.
The Shanghai aluminum 1701 contract rebounded strongly to 14090 yuan / ton during the day, as the short-term aluminum inventory continued to decline, and the arrival of cold air will affect spot supply, and the Shanghai aluminum technical correction is expected to come to an end
.
In terms of operation, it is recommended that the Shanghai aluminum 1701 contract short-term is more ideas, which can be backed by 13800 yuan / ton above the dip, the entry reference is around 13900 yuan, and the target is 14200 yuan / ton
.
