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On Wednesday, the main 2101 contract of Shanghai aluminum continued to rise, with the highest 15935 yuan / ton and the lowest 15605 yuan / ton during the day, closing at 15880 yuan / ton, up 1.
76% from the previous trading day's close; In the external market, LME aluminum continued to rise, as of 15:00 Beijing time, 3-month Lun aluminum was reported at 1993.
5 US dollars / ton, up 0.
40%
per day.
Market focus: (1) U.
S.
President Donald Trump acknowledged that the head of the General Services Administration should be handed over like the administration-elect led by President Joe Biden, but he plans to continue to file legal challenges
to the election results.
(2) U.
S.
officials said they plan to distribute the first 6.
4 million doses nationwide once the first vaccine receives emergency regulatory approval
.
(3) In October, China's electrolytic aluminum production increased by 9.
7% year-on-year to 3.
2 million tons, reaching a record high in monthly output
.
Spot analysis: On November 25, spot A00 aluminum was reported at 16100-16140 yuan / ton, with an average price of 16120 yuan / ton, a daily increase of 190 yuan / ton
.
Yangtze River Nonferrous Metal reported that cargo holders actively shipped, traders wait-and-see, the overall procurement atmosphere was light, and the transaction was average
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 95,607 tons on Wednesday, a daily decrease of 1,129 tons, down for 7 consecutive days; On November 24, LME aluminum stocks were 1392250 tons, down 3,275 tons per day, down for 5 consecutive days
.
Main positions: the top 20 long positions of Shanghai aluminum main 2101 contract are 67160 lots, a daily increase of 4267 lots, short positions are 87385 lots, a daily increase of 5871 lots, net short positions are 20225 lots, a daily increase of 1604 lots, long and short are increased, and net space increases
.
Market research and judgment: On November 25, the main force of Shanghai aluminum 2101 continued to rise
.
U.
S.
President Donald Trump's agreement to begin a transition of power, as well as positive news about the coronavirus vaccine, boosted market risk sentiment
.
Domestic electrolytic aluminum market demand maintained a good performance, and the opening of export arbitrage led to an increase in domestic outflow, domestic spot and Shanghai aluminum warehouse receipts were declining, and the tight supply made the market willing to hold prices higher, supporting the high operation of aluminum prices
.
However, alumina prices continue to weaken, and the high profits of electrolytic aluminum production will stimulate the production capacity of aluminum plants to accelerate the launch, the pressure on the supply side will gradually increase, and the upward momentum of aluminum prices will weaken.
Technically, the main 2101 contract of Shanghai aluminum increased its position, and the long-short divergence increased, and it is expected to run
strongly in the short term.
