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Today's Shanghai aluminum 1612 contract continued to rebound, closing strongly at 14115 yuan / ton, up 0.
11% per day, the daily closing price is close to the high point since November 28, 2014, the current aluminum price effectively stabilized above the moving average group, the technical form is strong
.
At the same time, the term structure of the aluminum market maintained a negative arrangement of near high and far low, and the negative spread between Shanghai aluminum 1612 and 1701 contracts widened to 800 yuan / ton
.
Externally: Asian Lun aluminum rose weakly at a high level, of which 3-month Lun aluminum fell slightly by 0.
03% to 1735 US dollars / ton, the current aluminum price from the October pullback low of 1608 US dollars / ton rose 7.
9%, but its rise is still weaker than Shanghai aluminum, mainly suppressed by the strengthening of the US dollar, its lower technical support focuses on 1700 US dollars / ton, and the upper rebound resistance focuses on the previous high of 1800 US dollars / ton
.
Macro: The Asian dollar index was weak to the downside, now trading around 98.
4, and the US Chicago PMI for October was 50.
6, worse than the expected 54 and the previous reading of 54.
2, indicating a slowdown
in the expansion of manufacturing activity.
However, China's official and Caixin manufacturing PMIs for October both rose to 51.
2 today, better than expected and prior, indicating a marked acceleration in the expansion of manufacturing activity in China
.
Rio Tinto, the world's largest iron ore producer, said it signed a non-binding agreement with Chinalco to sell the remaining stake
in the Simandu project in Guinea.
Rio Tinto expects to secure between US$1.
1 billion and US$1.
3 billion on a project schedule, with the first tranche to be collected at the commercial launch of the project on a per-tonne basis
.
Market: On November 1, Shanghai aluminum trading concentrated 14900-14910 yuan / ton, and the premium for the month was 340-350 yuan / ton
.
This week, Wuxi inventory increased more, holders shipped positively, Shanghai's main circulation brands are Qingtongxia and other high-end brands, the price is higher than Wuxi area, Hangzhou holders stable shipments, inventory increase middlemen cautiously chasing up, replenishment willingness is cold, Shanghai prices are higher, downstream enterprises tend to purchase aluminum from Wuxi for production, the overall transaction, Wuxi Hangzhou transaction is better than Shanghai
.
During the day, the Shanghai aluminum 1612 contract closed strongly to 14115 yuan / ton, the increase has narrowed, as the focus of short-term funds has shifted slightly, Shanghai copper and Shanghai nickel performance is strong, and aluminum prices continue to rise after facing technical pullback demand, short-term chasing needs to be cautious
.
In terms of operation, it is recommended that the Shanghai aluminum 1612 contract can pay attention to the resistance of 14300 yuan, and if it does not effectively break through, it is recommended to take advantage of the high and short short, and the lower support can focus on 13800 yuan / ton
.
