LME’s three-month aluminum closed at US$2,705, hitting a four-week low of 2,615 earlier.
Shanghai Aluminum opened lower and higher on Monday, January contract fell 390 yuan throughout the day.
Shanghai Aluminum's spot price dropped by 650 yuan to 20,965 yuan/ton on Monday, and Nanhai, Guangdong, spot fell by 480 yuan. Its trading range was 20,900-21,100 yuan/ton, and futures closed at 20,910 in the month. The spot is relatively strong, but I doubt the time and strength of its support period.
At present, the price will temporarily close at the important support level of $2,705. The validity of this support level needs further confirmation. The close fluctuation of London Aluminum has increased the operational difficulty of the Shanghai aluminum market. It is recommended that funds be withdrawn or short-term operation. Due to copper market and agricultural products such as corn, there is a greater market.
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