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Today's Shanghai aluminum main month 2012 contract opened at 15530 yuan / ton, the highest intraday 15585 yuan / ton, the lowest 15360 yuan / ton, settled 15470 yuan / ton, and closed at 15390 yuan / ton, down 50 yuan
.
Today's Shanghai aluminum trend is volatile, electrolytic aluminum profits continue to be high, smelting capacity accelerates production, China's primary aluminum production in October hit a record high, and there is pressure
on the supply side.
Today's London aluminum is strongly volatile, LME three-month aluminum Beijing time at 15:00 at 1941.
5 US dollars / ton, up 7 US dollars, or 0.
36%,
from the previous trading day's settlement price.
In terms of the market, today's spot trading price of Yangtze River is 15640-15680 yuan / ton, up 20 yuan; Guangdong South Reserve reported 15640-15700 yuan / ton, up 30 yuan; Hua reported 15760-15780 yuan / ton, up 40 yuan
.
The quotation of the holder was firm, the enthusiasm of large households to receive goods declined, and the downstream part of the purchase, the transaction was slightly weak
.
In terms of news, 15 countries officially signed RCEP, becoming the world's largest free trade agreement
.
The New York Fed bought $8.
801 billion in Treasury bills
.
Eurozone GDP fell 4.
4% y/y in the third quarter, and expected to fall by 4.
3%.
The market expects the transfer of power from the US president to go smoothly, the US may launch more stimulus packages, the dollar fell sharply on Friday, and non-ferrous metals strengthened overall
.
The latest aluminum ingot inventory recorded 629,000 tons, and the weekly destocking range was 25,000 tons, and the destocking situation continued
.
After entering the "off-season", most sectors did not show a significant decline, especially orders such as automobiles, photovoltaics and consumer packaging maintained a good level, and consumption in November is expected to maintain double-digit high-speed growth
year-on-year.
In addition, in terms of exports, in the case of the recovery of overseas demand, the performance of export orders has picked up, and exports are in an improving trend, but considering the recent rebound in the internal and external ratio, the improvement should not be too optimistic
.
On the supply side, the production capacity in the southwest region continued to be put into operation, the supply continued to increase, while the profit margin of the import window expanded, and the inventory of the bonded zone continued to flow into the country, forming a certain supplement.
Despite the continuous growth of supply, but the unexpected consumption performance caused by the continuous decline of inventory, aluminum ingot inventory is much lower than the same period last year, with the current consumption growth rate, the inventory will hit a new low in the past 3 years, objectively speaking, will continue to be conducive to the "more short" situation
.
In view of the delivery next week, long or short-term profit-taking, the probability of aluminum prices continuing to rush higher is not large, but the strong support of low inventory remains unchanged, and aluminum prices continue to run
high.
