Shanghai aluminum under pressure fell significantly, short-term continuation of low finishing

In terms of the external market, Lun aluminum opened at 1720.
5 US dollars / ton in the morning, the Asian session was boosted by domestic Shanghai aluminum, the center of gravity of Lun aluminum trading slowly moved up, the high recorded 1729 US dollars / ton, and then the high of Shanghai aluminum fell, Lun aluminum was dragged down to give up part of the rise down to below the daily moving average, the 5-day moving average support first appeared, entering the European trading session Lun aluminum rose again, and then the center of gravity around the 5-day moving average oscillation, as of 15:40 Lun aluminum 1726 US dollars / ton, while the US dollar rose sharply, the base metal was basically red across the board, The negative correlation between the two has almost disappeared under the influence of the strong market sentiment of the black series, and it is expected that Lun Aluminum will continue to test the support of the 5-day moving average by paying attention to the trend of Shanghai aluminum and surrounding varieties during the night
.

On the macro front, while a strong U.
S.
jobs report supports expectations for a rate hike by the U.
S.
Federal Reserve next month, investors are worried about the outcome of next Tuesday's U.
S.
presidential election, dragging global equities down and the dollar slipping
.
Traders withdrew money from the futures market ahead of Tuesday's U.
S.
election, which also weighed on oil prices, analysts said, as the U.
S.
election was seen as a major risk
for markets.

In terms of industry, Huafon Aluminum's 200,000-ton aluminum plate and foil project was officially signed, and the project is expected to have an annual output of 700,000 tons of aluminum composite material after
completion.

In terms of the market, the Shanghai transaction concentration was 14310-14320 yuan / ton, the monthly premium was 350-370 yuan / ton, the spot premium was stable, the Wuxi transaction concentration was 14300-14320 yuan / ton, and the Hangzhou transaction concentration was 14340-14350 yuan / ton
.
Shanghai shipments and receipts are relatively stable; Wuxi holders stable shipments, Wuxi inventory slightly reduced, middlemen are more active, downstream procurement willingness slightly improved, the overall transaction is concentrated among traders, Hangzhou arrivals are less, holders control shipments, circulation sources are still tight, middlemen inquire actively, downstream on-demand procurement
.
Transactions are regionally
divergent.
In the late afternoon, aluminum rose straight to 14100 yuan / ton in the month and then fell straight back to the noon position, attracting middlemen to actively look for sources of goods during the upward period, but the holders were reluctant to sell, the market was difficult to find a suitable source, and the aluminum fell back stage, Wuxi holders shipped a small amount, and the transaction was 14350~14370 yuan / ton
.
On the plate, the pressure above Shanghai aluminum fell significantly, continuing to sort out the low, and it is not ruled out that it may continue to dip, but the decline will not be too large
.