On the 9th of November, Shanghai Aluminum opened sharply lower, oscillating and finishing, with a sharp decline across the board. Industry analysts believe that, with the support of continued declining inventory, it is expected that there will be limited room for short-term decline. On Thursday, November 9, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 19,920 yuan and closed at 20,000 yuan, down 400 yuan; the spot 611 contract closed at 21,000 yuan, down 340 yuan. Highfield Futures analyst Takano believes that before the US trade balance report is released, it is expected to maintain shocks. In the background of London aluminum fell sharply overnight, the Shanghai aluminum main contract 701 to a gap of 19,920 to open wide, in the 19,900 line of long access, the price rebounded slightly to 20,000 after entering 19900 to 20,000 shocks finishing, closing 20,000. Shanghai Aluminum's spot fell by 325 yuan to 31,340 yuan/ton, Guangdong Nanhai spot fell by 380 yuan, and the transaction range was from 21040 to 21200 yuan/ton, and futures closed at 21,000 this month. Zinc on the London Metal Exchange (LME) reached a record high for the fourth consecutive trading day, but prices fell later and other base metals accelerated. Aluminum futures contracts continued to attract trade sales, which fell by 75 US dollars to 2,717 yuan per ton in the final period. The trading volume on that day was enlarged to 204,992 lots, holding positions increased by 3,511 lots and inventory was reduced by 150 tons. From the perspective of aluminum technology chart, the short-term rebound situation has been destroyed, and the midline will also face premature death. If the market falls below the 2700 important mark, aluminum prices are expected to continue to test 2660 to 2620 levels, if the 2700 line is supported, still promising Continue to rebound. The dollar rose slightly on the 8th, but it was still in a narrow trading range. Before the US trade balance report was released, market participants did not dare to establish a large part. After the election, the market waits for the release of US trade balance data in September. According to a Reuters survey, the U.S. trade balance for September is expected to be 66 billion U.S. dollars, which is lower than the record deficit of 69 billion U.S. dollars in August. Shanghai Aluminum's stock fell into a downtrend on the 9th, as intraday trading has fallen below 20,000, and the mid-line rebound has disappeared. The market only has to stand above 20400 to gather the midline rebound. A short-term look at 19,840 line of long support power is relatively large, and the short-term lack of sell-off energy, so if the London 2700 can be saved and continue to rebound, Shanghai aluminum short-term there is a willingness to cover the gap on the 8th and 9th. Kang Peng, an analyst at Shanghai Jinpeng Group, believes that the long-term trend of the aluminum market in China still exists. On the 9th, Shanghai Aluminum opened lower under the influence of the overnight LME aluminum drop of nearly 100 points, and then gradually rose with long-term buying and short selling positions. The main contract of last day's AL0701 closed at 20,000. In terms of stability, Shanghai Aluminum's decline was slightly lower than that of LME Aluminum. Overnight LME aluminum also closed down 84 US dollars under the influence of copper and nickel fell sharply. The final price closed at 2,696 points and closed at 2,696 points. On the 8th, LME aluminum stocks slightly decreased by 150 tons to 679,050 tons, and the holdings rose to 547,162. Hand increase 3511 hands. From a graphical point of view, Shanghai Aluminum fell on the 9th despite the influence of all parties, but from the decline in the external disk, the trend of opening lower to see the domestic bullish atmosphere of the current aluminum market still exists. Hank Sert Rivet,Rose Riveting Nut,Rivet Bush,Hank Bush,Hank Rivet Dongguan Tiloo Industrial Co., Ltd , https://www.sales-fastener.com
Experts predict the trend of aluminum futures in Shanghai on the 10th