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Trade Service
Today, the main contract of Shanghai aluminum 1801 contract fell under pressure, trading at 15645-15425 yuan / ton during the day, and closing at 15470 yuan / ton at the end of the day, down 0.
58% on a daily basis, weaker than other non-ferrous metals
.
At present, aluminum prices have completely fallen below the oscillation range of the past two months, and the risk of short-term decline remains
.
At the same time, the positive price difference between Shanghai aluminum 1712 and 1801 contracts remained flat at 95 yuan / ton, maintaining a positive arrangement
of near, low and high.
In terms of the external market, Asian Lun aluminum bottomed out, but the overall fluctuation is not large, of which 3 months Lun aluminum trading at 2114-2103 yuan / ton, now trading around 2110 US dollars / ton, at present Lun aluminum chose to fall below the recent oscillation finishing platform, short-term decline risk increased
.
Watch for support below at $2,050/mt in the evening
.
On the macro front, the Asian dollar index fell under pressure and is now trading around 94.
4, still close to a two-week low, as U.
S.
tax improvements are hampered
.
In addition, a series of China's economic indicators released today in October were mostly worse than expected, of which the added value of industries above designated size in October was 6.
2% year-on-year, worse than the expected 6.
3% and the previous value of 6.
8%.
In terms of information, data from the National Bureau of Statistics showed that China's primary aluminum production in October was 2.
55 million tons, down 60,000 tons or 2.
29% from the previous month, the fourth consecutive month of decline, and the monthly output hit a new low
since December 2015.
At the same time, the production of electrolytic aluminum in October fell by 7.
5% year-on-year, and it also fell for four consecutive months, and the decline expanded
significantly.
From January to October, China's cumulative output of electrolytic aluminum was 2,723 tons, a slight increase of 3.
7% year-on-year, and the growth rate was further narrowed, hitting a new low in nearly a year.
In terms of the market, on November 14, the Shanghai transaction concentration was 15280-15300 yuan / ton, the discount for the month was 40-30 yuan / ton, the Wuxi transaction concentration was 15280-15300 yuan / ton, and the Hangzhou transaction concentration was 15310-15330 yuan / ton
.
Holders of positive shipments, before the decline of aluminum futures, middlemen receive goods more actively, after the fall of aluminum futures, holders adjust prices with the market, middlemen wait and see sentiment breeds, spot prices have less fluctuations in the near future, downstream enterprises purchase on demand, and the overall transaction remains stable yesterday.
During the day, Shanghai aluminum 1801 fell under pressure to 15470 yuan / ton, the current Shanghai aluminum fell to the moving average group to run, the technical form is far worse than other base metals, the so-called weak is always weak, aluminum prices weakened or triggered further technical selling
.
Operationally, it is recommended that the Shanghai aluminum 1801 contract can be backed by 15680 yuan below the sky, and the entry reference is around 15550 yuan, and the target is 15350 yuan / ton
.
