Chuangyuan Futures: Aluminium's late selloffs are still strong

Overnight, the London Metal Exchange base metal ended mixed. Although copper rose by US$10 to close at US$7,380 per ton, trading was very light, mainly due to the market’s slowdown in US economic growth and its impact on industrial metal demand. Worrying, this has limited the buying interest in the copper market. Also from the pressure is the LME inventory problem, LME copper stocks have been growing recently, according to the data provided by the Exchange, LME copper stocks increased by 1025 tons to 130,500 tons on the 31st, for the ninth consecutive trading days of inventory growth, but in view of The overall level of copper supply was low, and the failure to suppress copper prices further declined. We see that the current price of copper is still in a weak position.
Overnight aluminum was sold in the late afternoon and the price of aluminum fell by 18 to 2790 U.S. dollars. We saw that due to domestic pressure on exports, aluminum prices in the London market showed a strong trend. For the domestic market, large trade Due to the recent rush to export before November 1, the spot market is tight. Even though Shanghai Aluminum fell at the same time yesterday, the November contract for the recent inception month fell significantly less, but the bearishness of the long-term future made the market as a whole. With a decline of 700 yuan, the market as a whole has been shrouded in the shadow of national regulation. The current performance of the market is relatively weak, and the market has a process of further bottoming down. Chinalco adjusted the price of alumina to 2,500 yuan yesterday. It may still be another factor to stimulate its decline. The current market is relatively weak, but we must pay attention to the changes in London. If the London market is still strong, there may be a rebound in the domestic market and companies will be able to change their exports.