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Yesterday's Shanghai aluminum weakened slightly, opening at 14,800 yuan, the highest intraday 14,835 yuan, the lowest 14,725 yuan, to the close of 14,750 yuan, down 50 yuan, or 0.
34%
from the previous close.
Shanghai aluminum recently broke upward, broke up, touched a more than 17-month high, but yesterday's daily and night trading trend weakened, the market has a range peak
.
In terms of imports, the Shanghai-London ratio narrowed to 7.
714
.
Overall, in terms of raw materials, alumina prices bottomed out, the profit margin of the current electrolytic aluminum industry is narrowing, in terms of spot, the market is afraid of heights, merchants purchase on demand, and the overall transaction is general
.
On the demand side, China's import and export data in September performed strongly, indicating that China's economy maintained its recovery momentum and domestic market demand performed better
.
On a macro level, U.
S.
House Speaker Nancy Pelosi and Treasury Secretary Mnuchin narrowed their differences on the stimulus package, and the two sides plan to continue negotiations
on Tuesday.
A Pelosi spokeswoman said that by Tuesday, it will be clear whether the stimulus bill
can be passed before the election.
China's GDP in the first three quarters increased by 0.
7% year-on-year, turning from negative to positive
.
Third-quarter GDP grew 4.
9% year-on-year, down from 4.
9% expected by 5.
2% and below expectations of 5.
2
%.
In terms of supply, aluminum companies are still steadily advancing the resumption of production plan, the current profit of aluminum enterprises is relatively considerable, the fourth quarter of production capacity release is more, and the release speed is faster
.
In terms of demand, the downstream is normally replenished after the holiday, and the market consumption has not increased significantly, and some regions have introduced measures for peak production in autumn and winter in the heating season, which may affect the production of downstream processing enterprises, and then affect market demand
.
Overall, short-term demand is maintained, and inventories are still low, but as downstream demand directly shifts to the traditional off-season, aluminum ingots will return to the accumulation cycle
.
The change in the rhythm of supply and demand has made aluminum prices gradually enter a downward cycle
over time.
Maintain the medium-term bearish thinking
.
