Aluminium fell back at a high level on Tuesday, falling 32 US dollars to close below 2800 US dollars. Volume increased yesterday, reaching 17.14 million hands. Looking at the chart pattern, despite the correction of aluminum prices yesterday, the market bullish atmosphere is still relatively strong and prices are rising.
Although the external market fell overnight, Shanghai Aluminum rebounded today. The main contract 0701 opened at 19600, after which the price fell sharply and fell to 19390. However, the price has bottomed out since then and it has been mainly oscillating on the whole day. It closed at 19910, up 230 points from the previous trading day. With Shanghai Aluminum's rebound, domestic spot market sentiment resumed, and downstream companies bought up. Among them, the transaction range of Guangdong market was at 20360~20500 yuan/ton.
With the reduction of London Aluminum and Shanghai Aluminum, Shanghai Aluminum's price to Aluminium rebounded, and the ratio to Shanghai's close was 7.13. Since the beginning of October, Lun aluminum has risen to form a clear upward path, and aluminum prices are still operating in this channel. The market will focus on the support of the 2750 support line below the channel. On the domestic front, inventory in the Shanghai and Guangdong regions has remained at a low level, which provides a certain degree of support for aluminum prices that have fallen sharply. Shanghai Aluminum today's rebounded and rebounded. The K-line pattern is characterized by a bullish pattern. Operational recommendations have been based on short-term thinking.
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