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LME aluminum rose slightly on Wednesday, and as of 15:10 Beijing time, 3-month Lun aluminum was at $1753 / ton, up 0.
11%
per day.
The main 1912 contract of Shanghai aluminum rebounded, with the highest 13860 yuan / ton and the lowest 13785 yuan / ton within the day, closing at 13845 yuan / ton, up 0.
44% from the closing price of the previous trading day; The trading volume was 106,900 lots, 9,152 lots per day, and the position was 229,900 lots, a decrease of 10,398 lots
per day.
The basis was maintained at 155 yuan/ton; The price difference between Shanghai and aluminum from 1912 to 2001 remained at 30 yuan / ton
.
Market focus: The House of Commons voted to approve a bill introduced by the British government to hold a snap general election on December 12 to break the current Brexit impasse
.
At 2:00 Beijing time on Thursday, the US Federal Open Market Committee (FMOC) will announce its interest rate decision and policy statement, followed by Powell's press conference
.
Spot analysis: On October 30, the spot A00 aluminum quotation was 13980-14020 yuan / ton, the average price was 14000 yuan / ton, and the daily increase was 60 yuan / ton
.
The price rose within the day, the shipment volume of the holder increased, the middleman received the goods more actively, but because the shipper was more expensive, and the middleman trading was slightly deadlocked, a large household received less than 3,000 tons, lack of the participation of large households, the overall transaction of traders within the day was not as good as the previous day, downstream manufacturers purchased on demand, and held a wait-and-see attitude towards the price recovery, and the receipt was flat
.
Warehouse receipt inventory: Shanghai aluminum warehouse receipts totaled 67,344 tons on Wednesday, a daily decrease of 1,000 tons, a continuous decline of 10 days; On October 29, LME aluminum stocks were 961,650 tons, a daily decrease of 2,175 tons, a 10-day
decline.
Main positions: the top 20 long positions of Shanghai aluminum main 1912 contract are 74881 lots, minus 3260 lots per day, short positions are 82587 lots, daily minus 2509 lots, net short positions are 7706 lots, daily increase of 751 lots, long and short are reduced, net space increases
.
On October 30, the main force of Shanghai aluminum 1912 rebounded
.
Brexit deadlock broken, the dollar is under pressure, Sino-US trade negotiations have made some progress, market risk appetite has heated up, while the current electrolytic aluminum operating capacity is still at a low level, inventory dematerialization continues, supporting aluminum prices, but upstream alumina prices are low, the rally is slowing down, and electrolytic aluminum has production capacity release expectations, aluminum prices upward momentum is weak
.
In terms of spot, intraday prices rebounded, cargo holders increased shipments, and middlemen received goods more actively, but because shippers were more expensive, there was a slight stalemate with middlemen, and downstream manufacturers purchased on demand, and the receipt was flat
.
Technically, the main 1912 contract daily KDJ indicator golden cross, long position increment, is expected to be strong
short-term volatility.
