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Today's Shanghai aluminum main contract 1701 rise is still weak, the performance is far worse than other base metals, Shanghai aluminum 1701 contract closed at 13355 yuan / ton, up slightly 0.
11%, the current aluminum price from this round of high 14285 yuan / ton has accumulated 6.
62%, thus returning to the moving average intertwined operation, short-term trend bias.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative price difference between Shanghai aluminum 1612 and 1701 contracts widened to 255 yuan / ton
.
Externally: Yashi Lun aluminum fell under pressure, of which 3-month Lun aluminum slightly fell 0.
29% to 1723 US dollars / ton, the current aluminum price from the October pullback low of 1608 US dollars / ton rebounded more than 6%, the performance slightly resisted the decline in Shanghai aluminum, its lower technical support focus on 1700 US dollars / ton, the upper rebound resistance focus on the previous high of 1800 US dollars / ton
.
Macro: The Asian dollar index fluctuated in a narrow range, now trading around 97.
68, and the market is focused on the results of the US presidential election this week, which is expected to be released
at noon on Wednesday.
At the same time, China's October imports and exports were both less than expected, exports fell 3.
2% year-on-year, -0.
8% expected, imports increased 3.
2% year-on-year, and expected 5%.
Aluminum industry information, China's unforged aluminum and aluminum exports in October were 350,000 tons, down 11.
5% month-on-month, for two consecutive months, monthly exports hit a new low since February this year, while a slight increase of 6.
7% year-on-year, and the cumulative export volume from January to October reached 3.
82 million tons, down 68,600 tons or 1.
76%
year-on-year.
Market: On November 8, Shanghai aluminum trading concentrated 14470-14490 yuan / ton, the monthly premium was 400-410 yuan / ton, and Hangzhou trading concentrated 14520-14540 yuan / ton
.
The social inventory in the five places has decreased slightly, the holders control shipments, the willingness to rise to water is strong, the circulation source is tight, the middlemen are optimistic about the spot price, the spot premium returns to 400 yuan / ton, and there is no rush to sell the source of goods on hand, the middleman is still active, and the downstream is afraid of high-demand procurement
.
Among them, due to the small inventory, the market is difficult to find the source of goods, downstream enterprises are worried that the price will still rise later, and the willingness to inquire and receive goods is slightly positive
.
During the day, the Shanghai aluminum 1701 contract oscillated to 13355 yuan / ton, and the focus of short-term funds shifted slightly, Shanghai copper and Shanghai nickel were highly sought after by funds, and aluminum prices fell into a low oscillation in
the short term.
In terms of operation, it is recommended that the Shanghai aluminum 1701 contract can be backed by 13600 yuan below the sky, the entry reference is 13400 yuan, and the lower support is 13100 yuan / ton
.
