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On the 26th of October, Shanghai Aluminum opened sharply higher, with higher volatility and a sharp rise across the board. Industry analysts believe that in the external disk to stimulate the sharp rebound again, but the spot price remained relatively weak.
On Thursday, October 26th, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 21050 yuan, to close at 21160 yuan, up 530; spot 611 contract closed at 21450 yuan, up 300 yuan.
Supported by active buying, aluminum prices are expected to continue rising.
Overnight, LME aluminum and LME zinc have risen, and LME aluminum has reached a new high in nearly five months. Its rise this time was mainly driven by a sharp increase in crude oil.
Shanghai Aluminum opened lower and opened higher on the upside of the LME aluminum bullion higher. It remained strong and volatile throughout the day's trading. It ended the day's second high and recovered the 25th lost ground in one fell swoop. The main contract AL0701 closed up 470 points to 21,100. The total daily turnover of 75394 hand positions increased by 4,806 to 78,550 hands. From the positions held by the positions, the position of the 0612 contract has seen a large-scale shift to the 0701 and 0702 contracts. There has been a good chance of cross-month arbitrage.
Shanghai Aluminum's short-term adjustment is expected to end again.
Lead metal and zinc futures on the London Metal Exchange (LME) hit new highs on the 25th, with copper and nickel futures under pressure from rising inventories. At the same time, aluminum was finally sought after by the fund, which ended the day with a high of 58 US dollars at 2762 U.S. dollars, with an intraday high of 2775 and late trading at 2770, which was also the highest since late May.
A good surrounding environment also boosted the base metals. The weakening of the US dollar and the rebound of crude oil and precious metals all supported the basic metal prices to some extent. London Aluminum easily broke through the technical pressure of 2750, and then the next target is focused on the 2857 line, which is the London aluminum medium-term market watershed. The US dollar in the New York market fell on the 25th, and the Federal Open Market Committee (FOMC) decided to keep the interest rate unchanged at 5.25% for the third time in a row. Its post-event statement made it possible for those who originally expected the central bank to take a tougher position on inflation. Dealers are disappointed.
The Fed’s statement failed to support the view that the United States will raise interest rates further, prompting investors to lift part of the dollar long position. The domestic Shanghai aluminum bulls once again made an upside attack. The price was only one point away from 21250. The point was that the high point of 24680 on May 15 fell to the 50% position of the lower 17820 on August 18. Beyond this position, it rebounded. The energy is expected to strengthen again, and at the same time, the nature will change.
On Thursday, October 26th, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 21050 yuan, to close at 21160 yuan, up 530; spot 611 contract closed at 21450 yuan, up 300 yuan.
Supported by active buying, aluminum prices are expected to continue rising.
Overnight, LME aluminum and LME zinc have risen, and LME aluminum has reached a new high in nearly five months. Its rise this time was mainly driven by a sharp increase in crude oil.
Shanghai Aluminum opened lower and opened higher on the upside of the LME aluminum bullion higher. It remained strong and volatile throughout the day's trading. It ended the day's second high and recovered the 25th lost ground in one fell swoop. The main contract AL0701 closed up 470 points to 21,100. The total daily turnover of 75394 hand positions increased by 4,806 to 78,550 hands. From the positions held by the positions, the position of the 0612 contract has seen a large-scale shift to the 0701 and 0702 contracts. There has been a good chance of cross-month arbitrage.
Shanghai Aluminum's short-term adjustment is expected to end again.
Lead metal and zinc futures on the London Metal Exchange (LME) hit new highs on the 25th, with copper and nickel futures under pressure from rising inventories. At the same time, aluminum was finally sought after by the fund, which ended the day with a high of 58 US dollars at 2762 U.S. dollars, with an intraday high of 2775 and late trading at 2770, which was also the highest since late May.
A good surrounding environment also boosted the base metals. The weakening of the US dollar and the rebound of crude oil and precious metals all supported the basic metal prices to some extent. London Aluminum easily broke through the technical pressure of 2750, and then the next target is focused on the 2857 line, which is the London aluminum medium-term market watershed. The US dollar in the New York market fell on the 25th, and the Federal Open Market Committee (FOMC) decided to keep the interest rate unchanged at 5.25% for the third time in a row. Its post-event statement made it possible for those who originally expected the central bank to take a tougher position on inflation. Dealers are disappointed.
The Fed’s statement failed to support the view that the United States will raise interest rates further, prompting investors to lift part of the dollar long position. The domestic Shanghai aluminum bulls once again made an upside attack. The price was only one point away from 21250. The point was that the high point of 24680 on May 15 fell to the 50% position of the lower 17820 on August 18. Beyond this position, it rebounded. The energy is expected to strengthen again, and at the same time, the nature will change.