On Friday, October 27th, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 21,070 yuan and closed at 21,000 yuan, down 110 yuan; the spot 611 contract closed at 21,340 yuan, down 110 yuan.
Zhongzhou Futures believes that LME aluminum is still in a strong trend and it is expected that there will still be room for growth.
Overnight aluminum opened higher and fell, closing at 2757 US dollars, down 5 US dollars / ton. On the 27th, LME's three-month aluminum Asian electronic trading continued to oscillate at the price of 2760 U.S. dollars. Affected by this, Shanghai Aluminum opened higher and oscillated, falling slightly. The main contract AL0701 opened with 21070 and the final price closed at 21,000, down by 160 yuan/ton. Trading volume continued to increase but positions decreased, reaching 114,030 hands and 73,876 contracts respectively.
In the spot market, aluminum prices fell slightly. Non-ferrous metal spot market in the Yangtze River quoted at 21360 to 21400 yuan fell 20 yuan / ton; Guangdong non-ferrous metal spot price fell 110 yuan, reported 21,430 yuan. In terms of inventory, LME Aluminum's aluminum inventories fell by 1925 tons to 683,625 tons on the 26th; Shanghai Aluminum's inventories fell by 2587 tons to 35,534 tons.
At present, LME aluminum is still in a strong trend. The shape and average line are well matched. The 10-day moving average support continues to be effective. Shanghai aluminum heavy volume stands above the 5-day moving average and the market still has room to rise.
Jiang Donglin, an analyst at Jiangnan Futures, believes that aluminum consumption in Europe remains strong, and it is expected to continue rising with strong consumption.
Three-month aluminum of LME continued to hit a new high in the transaction on the 26th, but the drag on lower crude oil and nickel futures ended at US$2762.5/ton on the Xiaoyin Line, down by US$7.5. Technically, the K line on the 26th is a key K line (which creates a new high line). For the short term, the higher point of the price rising above the key K line 2792.5 will continue to pull up if the price falls below the key. The lower point of K line 2752 entered the adjustment, but the pattern of the weekly reliance on the steady increase of the 5MA average line has not changed.
Judging from the intraday performance, investors' mentality began to repeat due to the increasing uncertainty in the external metal movement. The market's reliance on LME aluminum continues to increase. It can be expected that the trend of LME aluminum will determine Shanghai Aluminum's performance. No further upward breakthrough.
The recent positive sentiment of the fundamentals and news of the aluminum market shows that the bullish sentiment of the market continues to gather. According to the data, the rate holdings held by smelters in the Western countries fell to 2.88 million tons by the end of September, and European aluminum consumption remained strong. The aluminum market is expected to step out of a bull market with strong consumption.
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