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On the first day after the holiday, the Shanghai aluminum 1612 contract soared strongly, the performance was stronger than Lun aluminum, and the end of the day rose to 12580 yuan / ton, up 2.
53% from the pre-holiday closing price, the current Shanghai aluminum effectively stabilized above the moving average group, and the technical form was stronger than other non-ferrous metals
.
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 1611 and 1612 contracts narrowed to 185 yuan / ton, indicating that the willingness of forward contracts to rise has increased
.
Externally: Asian aluminum oscillation higher, of which 3-month Lun aluminum rose slightly by 0.
45% to 1681 US dollars / ton, effectively maintaining the rise during the long holiday, so that Lun aluminum stabilized above the moving average group, but the short-term Lun aluminum RSI indicator rose to the overbought area, need to be vigilant about the need for technical correction, short-term operating range focus on 1700-1650 US dollars / ton
.
Macro: The U.
S.
dollar index in Asia edged higher to around 96.
7, partly weighed down by the pound's plunge as the risk of Brexit climbed
.
The United States, Hong Kong and Japan were closed on Monday, lacking key data guidance during the day, and the market trading in the evening may be light
.
In terms of industries, Premier Li Keqiang presided over an executive meeting of the State Council on October 8 to determine the further streamlining of government-approved investment projects, which pointed out that for industries with serious overcapacity such as steel, coal and electrolytic aluminum, no new capacity
should be added in any way.
Market: On October 10, Shanghai aluminum trading concentrated 13450-13470 yuan / ton, and the premium for the month was 260-280 yuan / ton
.
Aluminum ingot inventory increased by 50,000-60,000 tons, the increase was less than expected, the cargo holders shipped steadily, the middlemen looked for low-priced sources, and although the downstream enterprises had replenishment needs, they were afraid of the wait-and-see mood next Monday, and the overall transaction showed the characteristics of the post-holiday period
.
This week entered the monthly cycle, the performance of the month was strong, the next month maintained a high price difference of about 400 yuan / ton, and there is no sign of narrowing, spot prices are likely to continue to perform strongly
.
During the day, the Shanghai aluminum 1612 contract soared strongly to 12580 yuan / ton, due to the strong rebound of crude oil futures during the holiday, and the aluminum inventory in the previous period continued to decline, triggering future replenishment expectations, the current Shanghai aluminum technology rebound pattern maintained well, conducive to aluminum prices higher
.
It is recommended that the Shanghai aluminum 1612 contract can be backed above 12450 yuan to bargain long, the entry reference is around 12520 yuan, and the target is 12650 yuan
.
