November 4 aluminum market noon comment

The final Markit services PMI for October was 47.
8 vs 46.
6 expected and 46.
6
prior.
U.
S.
initial jobless claims last week were 217,000 versus an estimated 220,000 versus 217,000
in the previous month.
Eurozone unemployment rate 6.
6% in September vs 6.
6% expected vs 6.
6% prior
.
Overnight dollar employment and economic data were better than expected, the dollar extended its rally, and non-ferrous metals bottomed out and fell
slightly.

Crude oil fell sharply overnight, and Lun aluminum bottomed out and turned up to close at $2,260
.
Shanghai aluminum opened low and closed high at 18100
.
Shanghai aluminum trading declined, positions were stable, and market sentiment was biased towards
neutrality.
After the holiday, domestic consumption is better, the peak season is coming, aluminum inventories continue to decline this week, and there is cost support
below aluminum prices.
Short-term aluminum prices were stimulated by the news to fall rapidly, and the medium-term outlook was optimistic
.
Upper pressure 20000, lower support 17500
.