On November 10, Shanghai Aluminum Futures opened sharply higher, with lower volatility and a slight increase across the board. Industry analysts believe that the domestic market is weak, especially the domestic spot market appears to be weak. It is expected that the market outlook will be under pressure.
On Friday, November 10th, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 20690 yuan, opened higher and closed lower and closed at 20,500 yuan, up 530 yuan; the spot 611 contract closed at 21,360 yuan, up 360 yuan.
Bette Futures analyst Takano believes that the current rally has been tested at a position of 21250, 0.5, the market outlook will be a greater pressure on prices.
On the 10th, affected by the large increase in London aluminum overnight, the domestic Shanghai aluminum main contract 701 opened higher at 20690. The bears resolutely intercepted the position at this position, the price slowly oscillated and fell, and the market closed at 20520, still maintaining a 550-point increase. The number of positions held after the market increased by 5,982 hands, and the trading volume maintained a medium-term level of 105,332.
On the 10th, spot aluminum in Shanghai rose 230 yuan to 21,570 yuan / ton, Guangdong Nanhai spot rose 360 ​​yuan, the trading range is located at 21,400 to 21,560 yuan / ton, and futures closed at 21,360 this month.
This week, the aluminum stocks in the Shanghai Exchange have significantly decreased by 6,633 tons to 23,005 tons. Stocks fell by 1575 tons to 677,475 tons.
The global aluminum market is currently under-supplied. In December, supply will be tight and prices will begin to accumulate momentum. Standard Bank forecasts in its monthly report that aluminum prices will continue to approach the 3,000 mark. The report said that the Chinese government will increase the original aluminum export tax rate to 15%, which will have a positive impact on the market.
SGCIB analyst Bill Riggs said that since copper has been sideways since June, some technical buying investors have turned to other previously smaller metals. He also said that the data show that the aluminum outlook is not good, but investors still continue to try just because it does not rise as much as other metals. Aluminum prices have so far registered a 20% increase during the year.
The US dollar fell to a two-month low on the 9th, due to the weak US consumer confidence index, and China announced that it has a clear plan to diversify its foreign exchange reserves. The Governor of the People's Bank of China, Zhou Xiaochuan, said that China has a very clear plan to disperse its 1 trillion trillion US dollars of foreign exchange reserves and is considering various options.
This week (up to the 10th) Shanghai Aluminum opened higher and higher and was only impacted by London Aluminum on the 9th. However, the buying enthusiasm on the 10th continued unabated. The weekly received a big Yang line and the entity regained last week due to exports. The decline in the tax rate effect. In the past two weeks, the Shanghai aluminum market has experienced ups and downs. Under the support of the spot market, it has generally maintained a rising pattern. Shanghai Aluminum is expected to continue this pattern next week.
Since London Aluminum is ready for the test 3,000, the exchange rate between 6.9 and 7.3 is calculated at the domestic Shanghai-Alcoa in the range of 20700 to 21900 and it has touched 20720 on the 10th, indicating that it has entered the lower part of the range. In addition, Shanghai Aluminum 701 fell from 24680 on May 15 to 18820 on August 18, the current rebound has been tested on the 0.5 position 21250, the position of the market after the block of 0.618 will be the pressure on the price of 22060, which is based on the same price conversion .
Nandu Futures Analyst Zeng Chao believes that the Shanghai aluminum futures opened higher and fell lower in the domestic market, especially the domestic spot market appears to be weak, and the market outlook is expected to be under heavy pressure.
On the 10th, Shanghai Aluminum futures gapped higher, but due to the lack of follow-through buying, the intraday performance was relatively weak and aluminum closed at Yinxian. Shanghai Metal Net spot price, aluminum 21560 to 21580, fell 230 yuan, aluminum spot premium of 90 to 110 yuan, aluminum spot premium decreased.
In terms of economic data, China’s National Bureau of Statistics announced that China’s October industrial production price index (PPI) increased 2.9% year-on-year, slower than the 3.5% growth rate in September, indicating that the prices of industrial goods have flattened gains, and that consumer prices will increase in the future. It will also remain stable. The fall in PPI data also indicates that domestic series of control policies such as controlling investment and tightening monetary policy are producing results. In addition, the published data showed that the U.S. consumer confidence index of the University of Michigan fell slightly in November. According to the data, the U.S. consumer sentiment index of the University of Michigan fell to 92.3 in November, which is lower than the final value of 93.6 in October. The median forecast of economists surveyed by the media showed that the U.S. consumer confidence index at the University of Michigan in November was 93.6.
Copper and aluminum rebounded sharply on the 9th and 9th, and Lonnion, in particular, had a large increase and returned to above 2800 U.S. dollars. In contrast, the domestic market is much weaker, especially the domestic spot market appears to be weak. The inventory data of the Shanghai Futures Exchange announced on the 10th showed that aluminum stocks have been reduced by 6600 tons again this week (up to 10th). Although the supply of copper is tighter than that of aluminum in the medium term, the current consumer demand and market performance of aluminum are stronger than copper.
Operational advice, keep watching.
On Friday, November 10th, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 20690 yuan, opened higher and closed lower and closed at 20,500 yuan, up 530 yuan; the spot 611 contract closed at 21,360 yuan, up 360 yuan.
Bette Futures analyst Takano believes that the current rally has been tested at a position of 21250, 0.5, the market outlook will be a greater pressure on prices.
On the 10th, affected by the large increase in London aluminum overnight, the domestic Shanghai aluminum main contract 701 opened higher at 20690. The bears resolutely intercepted the position at this position, the price slowly oscillated and fell, and the market closed at 20520, still maintaining a 550-point increase. The number of positions held after the market increased by 5,982 hands, and the trading volume maintained a medium-term level of 105,332.
On the 10th, spot aluminum in Shanghai rose 230 yuan to 21,570 yuan / ton, Guangdong Nanhai spot rose 360 ​​yuan, the trading range is located at 21,400 to 21,560 yuan / ton, and futures closed at 21,360 this month.
This week, the aluminum stocks in the Shanghai Exchange have significantly decreased by 6,633 tons to 23,005 tons. Stocks fell by 1575 tons to 677,475 tons.
The global aluminum market is currently under-supplied. In December, supply will be tight and prices will begin to accumulate momentum. Standard Bank forecasts in its monthly report that aluminum prices will continue to approach the 3,000 mark. The report said that the Chinese government will increase the original aluminum export tax rate to 15%, which will have a positive impact on the market.
SGCIB analyst Bill Riggs said that since copper has been sideways since June, some technical buying investors have turned to other previously smaller metals. He also said that the data show that the aluminum outlook is not good, but investors still continue to try just because it does not rise as much as other metals. Aluminum prices have so far registered a 20% increase during the year.
The US dollar fell to a two-month low on the 9th, due to the weak US consumer confidence index, and China announced that it has a clear plan to diversify its foreign exchange reserves. The Governor of the People's Bank of China, Zhou Xiaochuan, said that China has a very clear plan to disperse its 1 trillion trillion US dollars of foreign exchange reserves and is considering various options.
This week (up to the 10th) Shanghai Aluminum opened higher and higher and was only impacted by London Aluminum on the 9th. However, the buying enthusiasm on the 10th continued unabated. The weekly received a big Yang line and the entity regained last week due to exports. The decline in the tax rate effect. In the past two weeks, the Shanghai aluminum market has experienced ups and downs. Under the support of the spot market, it has generally maintained a rising pattern. Shanghai Aluminum is expected to continue this pattern next week.
Since London Aluminum is ready for the test 3,000, the exchange rate between 6.9 and 7.3 is calculated at the domestic Shanghai-Alcoa in the range of 20700 to 21900 and it has touched 20720 on the 10th, indicating that it has entered the lower part of the range. In addition, Shanghai Aluminum 701 fell from 24680 on May 15 to 18820 on August 18, the current rebound has been tested on the 0.5 position 21250, the position of the market after the block of 0.618 will be the pressure on the price of 22060, which is based on the same price conversion .
Nandu Futures Analyst Zeng Chao believes that the Shanghai aluminum futures opened higher and fell lower in the domestic market, especially the domestic spot market appears to be weak, and the market outlook is expected to be under heavy pressure.
On the 10th, Shanghai Aluminum futures gapped higher, but due to the lack of follow-through buying, the intraday performance was relatively weak and aluminum closed at Yinxian. Shanghai Metal Net spot price, aluminum 21560 to 21580, fell 230 yuan, aluminum spot premium of 90 to 110 yuan, aluminum spot premium decreased.
In terms of economic data, China’s National Bureau of Statistics announced that China’s October industrial production price index (PPI) increased 2.9% year-on-year, slower than the 3.5% growth rate in September, indicating that the prices of industrial goods have flattened gains, and that consumer prices will increase in the future. It will also remain stable. The fall in PPI data also indicates that domestic series of control policies such as controlling investment and tightening monetary policy are producing results. In addition, the published data showed that the U.S. consumer confidence index of the University of Michigan fell slightly in November. According to the data, the U.S. consumer sentiment index of the University of Michigan fell to 92.3 in November, which is lower than the final value of 93.6 in October. The median forecast of economists surveyed by the media showed that the U.S. consumer confidence index at the University of Michigan in November was 93.6.
Copper and aluminum rebounded sharply on the 9th and 9th, and Lonnion, in particular, had a large increase and returned to above 2800 U.S. dollars. In contrast, the domestic market is much weaker, especially the domestic spot market appears to be weak. The inventory data of the Shanghai Futures Exchange announced on the 10th showed that aluminum stocks have been reduced by 6600 tons again this week (up to 10th). Although the supply of copper is tighter than that of aluminum in the medium term, the current consumer demand and market performance of aluminum are stronger than copper.
Operational advice, keep watching.
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