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Shanghai aluminum opened at 13435 yuan / ton on Thursday morning, slightly upward at the beginning of the session, and then the situation continued to deduce, some bears took advantage of the trend to enter, aluminum prices fell under pressure and touched 13275 yuan / ton, the tone in the afternoon was mainly short and short liquidation, a small number of longs entered, Shanghai aluminum repair part of the decline closed at 13430 yuan / ton
.
Shanghai aluminum gave up the previous rise driven by black varieties, and this pullback is more prominent in the base metal, due to the weakening of the fundamentals, the momentum of the Shanghai aluminum rebound is limited, and the short-term is mainly
to hold the 20 moving average.
In terms of the external market, Shanghai aluminum opened at 1702 US dollars / ton in the morning, before the Asian market afternoon Lun aluminum followed the domestic Shanghai aluminum downward, the low level of 1690.
5 US dollars / ton, in the afternoon Lun aluminum repair part of the decline, narrow range below the daily moving average, into the European trading session, London aluminum continued to bear pressure narrow range below the daily moving average, several times unsuccessful, the 40-day line below the initial support, pay attention to Yellen's speech, in the context of the US dollar strong Shanghai aluminum weakness, it is expected that Lun aluminum or continue to test the 40-day line effective support
.
On the supply side, according to Bloomberg, Anglo American suspended operations of its Los Bronces on November 16 to ensure the safety of workers and normal standards of operation, which produced a total of 402,000
tons of copper last year, after workers occupied the mine.
In terms of industry, China's refined copper production in October rose 7% year-on-year and 1.
7% month-on-month to 737,000 mt
.
In the first October of this year, the cumulative output of refined copper was 6.
96 million tons, an increase of 8.
4%
year-on-year.
Domestic refined copper production continues to be strong, as processing fees remain an incentive for smelters
.
In the market, the aluminum futures contract continued to decline after rising slightly at the beginning of the session, closing at 13665 yuan / ton
before noon.
During the day, Shanghai trading concentrated 14160-14180 yuan / ton, premium 400-460 yuan / ton, the subsequent period of aluminum continued to fall, market quotations chaotic few transactions, Wuxi transaction concentration 14160-14170 yuan / ton, Hangzhou transaction concentration 14210-14230 yuan / ton
.
Before the decline of aluminum aluminum, the market supply is abundant, the holders actively dump the goods, the traders are more active, and the transaction is
acceptable.
After the continuous decline of aluminum, the market's willingness to receive goods has weakened significantly, and the downstream performance is still relatively wait-and-see, and the overall transaction in the East China market is average
.
In the afternoon, the transaction price of Wuxi market was concentrated at 14130-14140 yuan / ton
.
Overall, copper prices have continued to perform strongly since late October, but more driven by market sentiment and funds, copper market fundamentals can not effectively promote copper prices, considering the recent market uncertainty, it is recommended to operate
cautiously.
