Experts predict the trend of aluminum futures in Shanghai on the 8th

On November 7th, Shanghai Aluminum opened slightly higher, with higher volatility and slightly higher across the board. Industry analysts believe that due to the spot price support, domestic aluminum prices will continue to maintain a strong upward trend.
On Tuesday, November 7, the Shanghai Futures Exchange (SHE) aluminum main 701 contract opened at 20260 yuan and closed at 20460 yuan, up 380 yuan; the spot 611 contract closed at 21280 yuan, up 400 yuan.
Shanghai Aluminium demonstrated its support for funds under spot support.
On the 7th, spot aluminum in Shanghai rose by 400 yuan to 21,615 yuan/ton, and that in the South China Sea rose by 440 yuan. The transaction range was 21,480 to 21,600 yuan/ton, and the futures price was 21,300.
The London Metal Exchange (LME) zinc futures, driven by low inventory and strong demand, hit a record high on the 6th, involving an increase of 130% during the year. LME three-month aluminum closed up 18 to 2800 yuan per ton, once again failed to obtain upward momentum above the 2800 level, but the upward trend is good, and it is still expected to refresh the 2834 high point in the short term. On the same day, the volume of aluminium was 116,882 lots, and the positions were reduced by 1,556 tons, and the inventory increased by 25 tons.
Kemp, an analyst at Sempra Metals, said that hedge funds have shifted their attention from copper to aluminum, as well as smaller markets such as zinc and lead.
The US dollar rose in the New York market on the 6th and continued its upward trend following the announcement of the strong US employment report on the 3rd. The report supports the view that the Federal Reserve Board (FED) is unlikely to cut rates in the near future.
On the 6th, no economic data was released in the United States, so most of the traders were waiting on the sidelines and the market was waiting for the US Congress to conduct mid-term elections on the 7th. However, most people expect that the election results will not have a lasting impact on the trend of the US dollar.
On the news, the research report released by the National Development and Reform Commission price monitoring center predicts that the sales price of production materials will maintain a significant upward trend since the second quarter, and it is expected that the sales price of production materials will increase by around 5%. Data prices will increase between 3% and 3.5%.
It is predicted that the prices of non-ferrous metals and petroleum and its products will still lead the increase in the sales prices of production materials in the fourth quarter, and the price of steel products will also rise slightly in the fourth quarter, while the price increase of chemical products will be reduced. The prices of automotive and automotive products will continue to decline.
Since the 1st of the month, Shanghai Aluminum has been rebounding strongly after accepting the panic selling. Currently, it has overcome the resistance of 20450. The market outlook is expected to enter the sensitive area of ​​20800-21240. As the spot price rises for four consecutive trading days, this provides support for futures and speculation. Bulls are also encouraged by London's aluminum. The short-term advantage will be exhausted and capital-driven market conditions.

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