On the 24th, the LME aluminum market rose slightly, up 8 US dollars. Later it was closed at 1937 dollars. The aluminum market only traded 6405 lots throughout the day, and the trading volume has shrunk significantly compared with last Friday. The market has been lukewarm. In terms of inventory, LME aluminum decreased by 425 tons, and the current total inventory was 502,750 tons. For the current market, investors are more likely to choose to take a wait-and-see attitude because they have no direction. In this market situation, some profit-making long positions will gradually close out. This will also put pressure on the price. In addition, the decline in the London copper market also has a certain impact on the aluminum market, which is also a factor causing the downturn in the aluminum. From the spot perspective, major major aluminum producers remain enthusiastic about the market outlook. Russia's second-largest aluminum producer, SUAL, increased its production from January to September by 13.3% year-on-year to 782,400 tons. According to the Ukrainian Statistical Commission, “Ukrainian exports of alumina from January to September rose 1.8% year-on-year to 982,140 tons. Although the confidence of spot companies boosted market sentiment, but with the continuous increase in output, with limited consumption, It will inevitably adversely affect the market.
On the domestic front, as the concentration of off-site funds on the Shanghai aluminum market has continued to rise, the Shanghai aluminum market has begun to show significant market volatility and market direction. Despite the impact of the aluminum market, the domestic aluminum market has come out of the market. However, due to the rigid support of aluminum smelting costs, the Shanghai aluminum market is unlikely to experience a substantial decline similar to the London aluminum market. More is out of the relatively independent trend under the influence of the domestic spot market.
Today, Shanghai Aluminum’s main 0601 contract opened at 17,200 yuan, a high of 17,200 yuan, a lower price of 17,120 yuan, and closed at 17,160 yuan at noon.
Operation: More than one profit taking.
Zhao Wei
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