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The recent Shanghai aluminum price trend maintained an upward trend; The average weekly settlement price of the 1911 contract of Shanghai Aluminum in the current month was 14,092 yuan, an increase of about 1.
5% from last week's settlement price; The weekly chart rose 1.
83%.
Sino-US macroeconomic data are optimistic and positive for the metals market, coupled with the support of the continuous decline in domestic and foreign inventories, Shanghai aluminum prices are higher
.
Last week's spot aluminum price trend maintained a volatile upward trend, the data showed that the weekly average quotation of Yangtze River spot AOO aluminum ingots was 14138 yuan per ton, up 46 yuan / ton on week, and the average price of Yangtze River spot aluminum per ton in the previous week was 13984 yuan, up 154 yuan / ton, up 1.
1%
month-on-month.
Externally, optimistic comments on Sino-US trade boosted market risk sentiment, coupled with the rise in global stock markets led to high optimism in commodity markets, and London aluminum prices benefited
.
The price trend of aluminum in the week maintained a high volatility trend
.
The market mainly focuses on the $1700 support level
.
Inventory analysis, the trend of aluminum inventory maintained a downward trend during the week, and the latest inventory was reported 943175 metric tons, reducing inventory by 13,025 metric tons, a decrease of about 1.
4%; The total stock of aluminum on the Shanghai Futures Exchange was 276659 tons, down 2,077 tons, or about 0.
75%,
from last week.
Macro information, domestically, from January to September, China's service industry maintained rapid growth, and the added value of the service industry increased by 7.
0% year-on-year, providing a good foundation
for the rapid growth of service exports.
Internationally, U.
S
.
productivity unexpectedly fell in the third quarter for the first time in nearly four years, and labor costs accelerated, suggesting that productivity gains earlier this year were more transitory.
Aluminum market dynamics: 1.
The total global primary aluminum output in September this year was 5.
163 million tons, a slight decrease of 2.
6%
from 5.
301 million tons in the previous year.
2.
U.
S.
exports of unwrought unalloyed aluminum in September were 4,290,434 kg, up from 3,571,109 kg
in August.
Looking ahead, optimistic comments on Sino-US trade have boosted market risk sentiment, environmental protection actions and the popularity of electric vehicles will increase aluminum demand to provide support for aluminum prices, and spot aluminum prices will be strong
during the week.
The spot market is abundant, but as prices continue to rise, downstream companies are afraid of heights and buy a small amount, and the rise in spot aluminum prices is expected to slow down
next week.
