News summary
China's real estate policy promotes market enthusiasmcryptogamesinplaystore, the prices of bulk commodities and Chinese stocks rose. Shanghai aluminum rises weekcryptogamesinplaystore, spot discounts have expanded, domestic inventories have increased, and aluminum prices are stronger on the inside market than on the outside market. Technically, Shanghai aluminum surged high and fell back. The surge in copper prices drove aluminum prices up, but the risk of a correction at a high level was greater.
Newsletter text
[China's new energy vehicle industry leaps to new heights] On Friday night, financial markets witnessed spectacular gains in commodities and Chinese-listed stocks. Policy changes in China's real estate market exceeded market expectations, stoking investor enthusiasm.
[Shanghai aluminum prices rose across the board] Spot aluminum prices and Shanghai aluminum futures prices climbed simultaneously. Shanghai aluminum closed at 20945 yuan, spot aluminum price was 20860 yuan, and the spot discount reached-85 points. Turning to the international perspective, spot aluminum prices on the London Metal Exchange (LME) also showed an upward trend, but overseas demand was weak, inventories continued to grow, and the discount expanded to-51 US $.
[Aluminum market demand is expected to improve] The RMB exchange rate rose slightly this week, and aluminum prices in Shanghai rose to 8%.cryptogamesinplaystore.08, the inner set performed better than the outer set. Domestic inventories rose slightly, but the market believes that the peak season for aluminum in Shanghai may be coming, and there is some support below. Although copper prices have driven aluminum prices to rise sharply in the short term, the market is wary of the risk of a high correction.
[Crude oil prices rose slightly] The oil market rose slightly, prompting the price of aluminum to rise higher and fall back, closing at around US$2626. Although Shanghai Aluminum fell back after hitting a new high in early trading today, this did not affect the market's optimistic expectations for future aluminum prices.
[The market is cautious about the risk of correction] Shanghai Aluminum's holdings fell while trading volume increased, reflecting market differences on price trends. Although the spot market has a large discount and transactions fail to meet expectations, the market generally expects that prices may gain further support with the arrival of the peak season in the aluminum market.
[Technical Analysis of Aluminum Prices] Technical analysis shows that Shanghai Aluminum faces 21cryptogamesinplaystore, 500 yuan pressure, while there is 19,000 yuan support below. Investors should pay close attention to market dynamics to deal with possible price fluctuations, especially the possible correction risk after a short-term surge in aluminum prices.