On Tuesday, LME Aluminum did not maintain its strong upward trend, but closed down 11 US dollars. It was later collected in 1988 dollars. The turnover of 20,844 lots was relatively active in the market. The face of London aluminum price shocks 2000 dollar high point frustrated. The market is relatively calm. At the same time, market participants are still confident about the future price trend. A trader optimistically stated that “Although the current three-month aluminum price has stopped at $2,000, there will be more buying of funds.†For the fall in Tuesday's price, the market believes that it was caused by two reasons. One is the integer mark of 2000 dollars. The pressure on the futures price is very obvious, causing the apparent upward momentum to be insufficient. The second is that the September producer price index (PPI) data released by US producers was 1.9%, a 15-year high. This data has a huge impact on the U.S. dollar. Yesterday the U.S. dollar index soared to 90.57, surpassing the previous week's high of 90.41. The strength of the dollar will inevitably affect the trend of the metal market. Of course, Aluminum is no exception.
Domestically, due to the continuous recovery of the domestic market, combined with the increase in open interest in the Shanghai aluminum market. Shanghai Aluminum's futures price changed slightly in the previous period, showing a clear bullish environment and a relatively strong trend. At the same time, from the aspect of spot, the substantial increase in the cost of aluminum smelting also provides a rigid support for the period price. Although the failure of Aluminium's futures price to rise above 2,000 US dollars will have a certain degree of impact on the Shanghai aluminum market, this does not change the current bullish environment in the Shanghai aluminum market.
Today, Shanghai Aluminum’s main 0601 contract opened at 17,450 yuan, with a higher price of 17,450 yuan and a lower price of 17,230 yuan. It closed at 17,250 yuan at noon.
Operation: More than one continues to hold.
Zhao Wei
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