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Trade Service
LME aluminum fell on Tuesday, and as of 16:20 Beijing time, 3-month Lun aluminum was reported at $1773 / ton, down 0.
28%
on a daily basis.
The main 2001 contract of Shanghai aluminum continued to decline, with the highest 13845 yuan / ton and the lowest 13730 yuan / ton during the day, closing at 13750 yuan / ton, down 0.
43% from the closing price of the previous trading day; The trading volume was 77,700 lots, an increase of 18,636 lots per day, and the position was 203,300 lots, an increase of 7,354 lots
per day.
The basis is 160 yuan/ton; The price difference between Shanghai and aluminum from 1912 to 2001 narrowed to 65 yuan / ton
.
Market focus: On Tuesday, local time, US President Trump will deliver a speech at a luncheon hosted by the Economic Club of New York with the theme of "Trade and Economic Policy"
.
Data show that China's alumina production in October was 5.
863 million tons, an increase of 3.
8% month-on-month, and it is expected to produce 5.
878 million tons
in November.
China's October electrolytic aluminum production was 2.
995 million tons, an increase of 0.
36% month-on-month, lower than expected and a year-on-year decrease of 3.
82%.
Spot analysis: On November 12, the spot A00 aluminum quotation was 13890-13930 yuan / ton, the average price was 13910 yuan / ton, down 190 yuan / ton
per day.
The shipment of the holder is acceptable, the middleman receives the goods at a low price is more positive, the trading between the two sides is active, and the transaction is good
.
Due to the sharp decline in prices, the downstream receiving state has improved significantly compared with previous days, and procurement has increased, but there are also some merchants who are still waiting and waiting because they are weak about the future market
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 61,735 tons on Tuesday, an increase of 2,055 tons per day, the first increase after 18 consecutive days of decline; On November 11, LME aluminum stocks were 940,500 tons, a daily decrease of 2,675 tons, down 19 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2001 contract were 67428 lots, a daily increase of 2285 lots, short positions were 78331 lots, a daily increase of 1470 lots, a net short position of 10903 lots, a daily decrease of 815 lots, both long and short increases, and the net space decreased
.
The US dollar index continues to run at a high level, upstream alumina production continues to increase, the recent rise in alumina prices has slowed down, the cost side support has weakened, coupled with the weak performance of downstream demand, putting pressure on aluminum prices, but Sino-US trade negotiations are optimistic, market risk sentiment has recovered, still need to pay attention to Trump's speech, while electrolytic aluminum production capacity recovery is less than expected, the current electrolytic aluminum inventory dematerialization continues, forming some support
for aluminum prices 。 In terms of spot, the shippers' shipments are acceptable, the middlemen's low-price receiving sentiment is more positive, the two sides are actively trading, the transaction is good, because the price has fallen sharply, the downstream receiving state has improved significantly compared with previous days, and the purchase has increased
.
Technically, the main 2001 contract daily MACD red column contraction of Shanghai aluminum, mainstream short positions increased large, and it is expected that the short-term will continue to be weak
.
