On November 6th, Shanghai Aluminum opened slightly higher, steadily higher, and ended sharply higher across the board. Analysts in the industry believe that domestic aluminum prices rebounded under the support of declining inventory and rising spot prices. However, the constraints of cost reduction and the short-term increase in international aluminum prices will be limited.
On Monday, November 6, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 19,900 yuan and closed at 20,240 yuan, up 390 yuan; the spot 611 contract closed at 21,070 yuan, up 610 yuan.
Kang Peng, an analyst with Shanghai Jinpeng, believes that due to the dilution of China Aluminum's price reduction alumina news and the impact of LME aluminum higher, it continues to rise.
Overnight LME aluminum rose slightly by 30 points to close at 2783 before 2800 points. Other credits such as LME copper and zinc all rose higher after the Credit Suisse report.
Shanghai Aluminum continued to rise with the news of China Aluminum's price reduction alumina news and LME aluminum prices rising. The main contract AL701 rose steadily throughout the day, standing firm at 20,000 points, and the final price closed at 20240 points and rose 390 points in total. A total of 101,198 positions were traded, adding 4244 lots to 72,668 lots. Operation is recommended to continue holding more than one.
On Monday, November 6, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 19,900 yuan and closed at 20,240 yuan, up 390 yuan; the spot 611 contract closed at 21,070 yuan, up 610 yuan.
Kang Peng, an analyst with Shanghai Jinpeng, believes that due to the dilution of China Aluminum's price reduction alumina news and the impact of LME aluminum higher, it continues to rise.
Overnight LME aluminum rose slightly by 30 points to close at 2783 before 2800 points. Other credits such as LME copper and zinc all rose higher after the Credit Suisse report.
Shanghai Aluminum continued to rise with the news of China Aluminum's price reduction alumina news and LME aluminum prices rising. The main contract AL701 rose steadily throughout the day, standing firm at 20,000 points, and the final price closed at 20240 points and rose 390 points in total. A total of 101,198 positions were traded, adding 4244 lots to 72,668 lots. Operation is recommended to continue holding more than one.
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