Experts predict the trend of aluminum futures in Shanghai on the 23rd

On November 22, Shanghai Aluminum opened sharply higher, with higher volatility and slightly higher across the board. Industry analysts believe that the further rise in aluminum prices mainly comes from the strength of other metals. The strength of domestic aluminum prices depends on the status of the spot supply.
On Wednesday, November 22, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 20080 yuan and closed at 20110 yuan, up 220 yuan; spot 612 contract closed at 20,500 yuan, up 180 yuan.
Jiang Donglin, an analyst at Jiangnan Futures, believes that the fundamentals of the aluminum market have changed little, but the continuous reduction in open interest shows that the funds are evacuated one after another. This will, to a certain extent, limit the price fluctuations.
On the evening of the 21st, led by the rise of crude oil and precious metals, LME Aluminum took a rebound on the 20th and continued to oscillate and climbed. The final price closed at 2675 US dollars / ton, up 30.5 US dollars. The fall of copper futures will undoubtedly bring greater benefit to the aluminum market. Technically, LME aluminum has been supported on the upper edge of the previous oscillating box (2630 points), and there is still a demand for further rebound in the market.
Domestic spot prices continued to show a slight upward trend. Spot premiums maintained a high level of 500 to 600 yuan/ton, indicating that domestic consumption was relatively strong.
On the whole, the fundamentals of the aluminum market have changed little, but the continuous reduction in the market position of the aluminum market shows that the funds have been evacuated one after another. This will, to some extent, limit the price fluctuations. In terms of inventory, LME aluminum inventories increased sharply by 6,300 tons to 683,650 tons on November 21. However, the increase in inventories did not put pressure on the market. It is expected that LME aluminum market outlook will continue to test the resistance of 2700 points upwards.

milling accessories

Milling Accessories,Bt40 Tool Holder Stand,Bt40 Hydraulic Chuck,Bt40 Shrik Fit Holder

JIANGYIN GOLD STAR INDUSTRY CO.,LTD , https://www.jygoldstarindustry.com

This entry was posted in on