Category Archives: Markets

The CBOE VIX Volatility Index decreased on Wednesday.

The CBOE VIX (VXX) verged lower on Wednesday as U.S. equity markets extended their relief rally.

The Chicago Board Options Exchange Volatility Index, commonly identified as the VIX, reached an intraday low of 21.68 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 7.7% at 21.34.

In stocks, the large-cap S&P 500 Index (SPY) rose 1.1% on Wednesday.

iPath S&P 500 VIX Short Term Futures ETN: (NYSEARCA: VXX) This ETN gives investors exposure to the Total Return from the S&P 500 VIX Index. The VIX Index utilises CBOE Volatility Index futures by way of long positions in both first and second-month VIX Futures contracts. VXX declined by 4%.

ProShares Short VIX Short-Term Futures (SVXY) to track the S&P 500 VIX Short Term Futures Index’s inverse daily performance. SVXY advanced 1.9%.

ProShares UltraShort Term VIX Futures: (UVXY) UVXY gives 1.5X (leveraged) returns of the day’s moves in the S&P 500 VIX Short Term Futures Index. It tacks the two front months of the futures contract. UVX declined by 5.8%.

Considering the previous trends, where will the dollar go next?

School establishment:
   It’s the start of a new trading day. The school uses the US dollar index as the core of its predictions on international currency markets.

According to today’s disk, the performance of the US dollar index is somewhat surprising. The disk has fallen beneath the neckline of the “head and shoulders pattern” on the previous day. This technical pattern often indicates uncertainty in the markets as the longs and shorts squabble back and forth, unsure how to go.

Thinking more deeply, the market confirms that the cross star appears immediately after the neckline of the head and shoulders pattern breaks. This can only show one problem. The gap is not strong and may not have a big impact on the market. This makes the school stand. Suddenly remembered the previous performance when the market broke through the neckline of the “head and shoulders bottom pattern”, it was exactly the same, because at that time, after the market effectively broke through the head and shoulders bottom pattern, the cross star line also appeared on the second day, and now it is also out of the same situation. Will this be a remake? I believe only time can tell.

I have to say that the current US dollar is really stuck, the market has not started an effective market, and even has a trend of failure to break through, and now the US dollar has suddenly reproduced the previous scene, which makes people speechless, and believes that the market will not be too big. Quotes are given. After all, the US dollar is still dormant. It is also difficult to give a larger quote at this time.

   How to predict the next step of the dollar index? The school believes that it may be similar to the trend when the previous breakthrough occurred. In other words, the US dollar index may see some declines today, and it is also possible to produce a new breakthrough downward, but it may be temporarily for a sharp decline. No, after all, the larger pattern of the US dollar still needs to be bullish rather than bearish. The current situation is just a short-term game. It can also be seen as sweeping fluctuations in a range of shocks, since the market has been re-enacted. Part of the previous trend, then it is not impossible to continue to reproduce the follow-up trend. Because this market is a “everything is possible” market.

At the operational level, it is still based on short-term thinking, looking for opportunities to overestimate or underestimate the scum; adopt different coping strategies for different varieties, try to choose valuable points to enter the market, remember to bring a stop loss just in case, after all, the current There are still many crises in the market, and only care can make the Wannian Ship!

   EUR/USD:

  Combined with the above analysis, today Europe and the United States can actually overestimate the low scum, but combined with the market analysis, it is more appropriate to deploy a short-selling strategy on rallies today. Give the following suggestions and refer to the operation as appropriate. Weak position:

   Short selling in the 1.2180-1.2190 range, stop loss 20 points, target 1.2160, 1.2140, 1.2120.

EUR/USD

  USD/JPY:

  The second operation currency pair today, continue to choose the US and Japan. Because currently only the United States and Japan can still have the opportunity to deploy, other direct currencies have excessive behavior, but they are dangerous. Combining the board to give the following suggestions, refer to the operation as appropriate, and wet warehouse:

  Buy in the 105.15-105.25 interval, stop loss 20 points, target 105.45, 105.65, 105.85.

USD/JPY

  Gold:

   Gold is in a state of shock; gold’s liquidity has become worse and worse, meaning less and less volatility. However, the price of gold will still fluctuate. After all, gold is still the largest trading product today.

From an operational perspective, today’s gold can have opportunities for overestimation and low slag, which are around 1818 and 1796, respectively. However, considering the current potential risks in the market, we can only consider low-to-multiple suggestions today, and the market will do whatever the opportunity is. Wait and see without giving a chance, Wessang:

  Buy in the range of 1795-1796, stop loss 3 dollars, target 1799, 1803, 1808.

February 18 Financial breakfest

On Wednesday (February 17), the US dollar index hit a new high since February 8 to 91.05. Optimistic economic data and signs of rising inflation helped push the dollar higher. Spot gold fell for five consecutive days, refreshing its lowest point since November 30 last year to US$1,769.65 per ounce. The strengthening of the US dollar and better-than-expected US economic data reduced gold’s attractiveness as a haven. Oil prices rose by more than 2%, and U.S. oil and Bursa oil hit their highest points since January last year to 61.73 US dollars/barrel and 64.96 US dollars/barrel respectively. The severe cold weather caused US oil production to plunge by a record 40%.

Commodity closing, COMEX April gold futures closed down 1.5%, at 1,772.80 US dollars per ounce. WTI March crude oil futures closed up 1.09 US dollars, or 1.81%, to 61.14 US dollars per barrel; Brent April crude oil futures closed up 0.99 US dollars, or 1.56%, to 64.34 US dollars per barrel.

The three major US stock indexes closed mixed. The Dow Jones index closed up 90.30 points, or 0.29%, to 3,161,302 points; the S&P 500 index closed down 1.30 points, or 0.03%, to 3,931.32 points; the Nasdaq index closed down 82.00 points, a decrease of 0.58%, to 13,965.49 points.

Thursday preview

Time Area Index Previous value Predicted value
08:30 Australia January seasonally adjusted unemployment rate (%) 6.6 6.5
08:30 Australia January employment-population change (10,000 people) 5 3
18:00 Eurozone January unseasonally adjusted CPI annual rate final value (%) 0.9

18:00 The final value of the core CPI annual rate in the Eurozone without seasonal adjustment in January (%) 1.4 0.9
21:30 U.S. January construction permit monthly rate (%) 4.5 -1.6
21:30 U.S. Total number of construction permits in January (10,000 households) 170.9 167.7
21:30 U.S. January import price index monthly rate (%) 0.9 1
21:30 United States January import price index annual rate (%) -0.3 0.4
21:30 United States January annualised monthly rate of housing starts (%) 5.8 -0.7
21:30 U.S. Annualised total number of housing starts in January (10,000 households) 166.9 165.8
21:30 United States As of February 13, the number of initial claims for unemployment benefits (10,000) 79.3 77.3
21:30 United States As of February 6th, the number of people claiming unemployment benefits (10,000) 454.5 442.3
23:00 Eurozone February Consumer Confidence Index Initial Value -15.5 -15
00:00 AM U.S. EIA crude oil inventory changes in the week ending February 12 (10,000 barrels) -664.5

00:00 AM U.S. EIA refined oil inventory changes in the week ending February 12 (10,000 barrels) -173.2

00:00 in the morning U.S. EIA gasoline inventory changes in the week ending February 12 (10,000 barrels) 425.9

07:05 Dallas Fed President Kaplan participated in an online dialogue event hosted by the Dallas Fed to discuss the US and global economic issues

20:30 ECB announces minutes of a monetary policy meeting

21:00 Federal Reserve Governor Brainard delivers a speech

23:00 2021 FOMC voting committee and Atlanta Fed President Bostic delivers a speech

List of major global markets

The three major U.S. stock indexes” the Dow Jones Industrial Average closed at a record high, the S&P 500 closed flat, while the Nasdaq Composite Index fell; U.S. bond yields fell from a one-year high, investors weighed Economic growth and inflation outlook.

State Street Global Investment Management US SPDR ETF chief investment officer Michael Arone said that those companies whose earnings are vulnerable to inflation and cannot support their current high valuations are under selling pressure, including technology stocks. At some point, rising yields may Bringing shock, but I don’t think it’s there yet.

Precious metals and crude oil

Gold futures prices closed down for the fourth consecutive trading day, closing at the lowest level since June 2020. According to Dow Jones market data, the most active gold futures contract appeared on Wednesday for the first time since June 2018, 50%. The daily moving average crosses the 200-day moving average, indicating that the long-term price trend may be down in the future. Analysts said that rising U.S. Treasury yields are usually conducive to the rise of the dollar, both of which are bad for gold prices.

Oil prices rose by more than 2%, and U.S. oil and Bursa oil hit their highest points since January last year to 61.73 US dollars/barrel and 64.96 US dollars/barrel respectively. The severe cold weather in Texas, the largest oil-producing state in the United States, led to the suspension of oil fields in the state and abnormally cold weather. It is expected to drag down crude oil production in the next few days or even weeks.

Oil prices supported by factors such as OPEC+ supply restrictions, additional cuts in Saudi production, and hopes that new crown vaccination will lead to a rebound in demand. The historic cold weather in Texas since last weekend has further pushed up oil prices. Most of the crude oil supply in the United States comes from Texas, which is part of the major refining centres in the United States.

Due to unprecedented cold weather freezing oil well operations in the United States’ central region, the United States’ daily oil production has fallen by more than 4 million barrels. Refinery shutdowns triggered by severe cold weather have reduced U.S. crude oil demand. According to Bob Yawger, head of energy futures at Mizuho in New York, this brings us to a higher level. The price of US crude oil may reach its peak near US$65.65.

The rising prices environment has made people more concerned about OPEC+, and the alliance will meet on March 4 to formulate policies. OPEC+ sources said that given the rebound in oil prices, the alliance’s oil-producing countries might relax supply restrictions after April.

Foreign exchange

The dollar rose on Wednesday, hitting a new high since February 8 to 91.05. Optimistic economic data and signs of increasing inflation helped push the dollar higher against a basket of currencies. The dollar index rose from the three-week low touched last Friday, rising 0.40% to 90.94 in late trading. The US retail sales, industrial production and producer price index (PPI) data released on Wednesday exceeded expectations. This shows that as vaccination progresses, the momentum for the economy to recover from the pandemic-induced recession is increasing.

Marc Chandler, the chief market strategist at Bannockburn Forex, said that today’s retail sales data is not only stronger than expected but far exceeding expectations. The same is valid for industrial production data. The dollar trend started yesterday, and what we see today is a continuation. Many people are still bearish on the dollar, but there is more room for this upward trend.

The Federal Reserve released the minutes of its monetary policy meeting on January 26-27. Participants stated that they need to “be vigilant” in the light of the recent economic rebound. They also discussed the expected rise in inflation and reiterated easing policies to support the ailing job market. Nothing is surprising about the meeting minutes.

Chandler said that in general, there is not much new information in the minutes of the Fed’s meeting, and the market is looking forward to the testimony of Fed Chairman Powell next week.

Despite the optimistic economic report, US Treasury yields reversed the recent upward momentum due to weakening selling pressure. The 10-year U.S. Treasury yield fell back to 1.270% at the end of the session and was as high as 1.331% earlier in the session.

The euro fell 0.56% against the US dollar to 1.2038. The pound fell 0.33% against the dollar to 1.3857, after hitting its highest level since April 2018 on Tuesday.

During the Asian trading hours, the dollar-yen, which is sensitive to US yields, rose to 106.22, the highest since September last year, and fell back to 105.87 in late trading, down 0.16%.

In other currency pairs, the Australian dollar fell 0.09% to the US dollar to 0.7751; the New Zealand dollar fell 0.33% to 0.7191 against the US dollar; the US dollar rose 0.72% to the Swiss franc to 0.8989; the US dollar rose 0.09% to the Canadian dollar to 1.2702.

International news

[Minutes of the Federal Reserve Meeting: The conditions for reducing the intensity of QE cannot be met for “a time”] The Federal Reserve released the minutes of the January FOMC monetary policy meeting, stating that it may take some time for the US economy to make substantial progress. I am afraid that the conditions for reducing the intensity of asset purchases (QE) will not be met “for a while”. He is optimistic about inflation, but he is cautious about the labour market. Before adjusting the speed of asset purchases, it is essential to communicate with the public. The degree of improvement in the medium-term outlook has been sufficient for the Fed to adjust its views in its interest rate resolution statement.

[API report: U.S. crude oil inventories decreased by 5.8 million barrels to 468 million barrels last week] As of the week of February 12, API gasoline inventories increased by 3.9 million barrels, refined oil inventories decreased by 3.5 million barrels, and Cushing crude oil inventories decreased by 3 million Barrels; US crude oil imports increased by 26,000 barrels per day last week.

[It is reported that crude oil production in the Permian Basin in the United States was frozen due to severe cold weather. Crude oil production in the Permian Basin fell by 80%, and US crude oil production fell by more than 40% or 4 million barrels per day.]

[Fed Rosengren: It is expected that inflation data will improve overtime this year. If inflation becomes a problem, the Fed will fix it. It is estimated that inflation cannot be maintained at around 2% in the next one or two years. There is indeed a “bubble” in some parts of the market, but people are less concerned about financial stability before the economy is close to full employment]

Ramsden said that the central bank has further room to expand its bond purchase program to stimulate the economy. This statement may indicate that prominent bank officials may be unwilling to Lower interest rates below zero. Ramsden said that the Bank of England might reassess some restrictions on the bank’s purchase of British government bonds in the financial market. He said that although the central bank does not rule out negative interest rates, quantitative easing is a “tested tool.” These remarks show that although the Bank of England expects that the new crown vaccine’s promotion can lead to a robust economic recovery, the central bank does not rule out the possibility of increasing stimulus measures.

Texas bans many natural gas companies from sending energy outside the state. Texas will extend its ban on foreign natural gas sales until February 21. Texas still has 19,800 megawatts (MW) of natural gas power capacity offline, and 17,200 MW of wind/solar (000591, share bar) power capacity is still offline.

[US SEC considers increasing short-sale transparency] The Wall Street Journal (blog, Weibo) quoted a source saying that the US Securities Exchange is considering whether to increase the transparency of short-sales and private lending to the soaring share price of Game Post. Eleven years ago, the authorities asked the SEC to implement such rules, but they never realised it. Now, in response to the stock trading frenzy caused by the game station incident, the US Securities and Exchange Commission is considering increasing the transparency of short-selling transactions within its scope of authority.

Domestic news

[Securities Daily front page: Five reasons for institutions to sing more A shares, the first week of the ox year may welcome a “good start” market] The industry generally believes that compared with the past Spring Festival market, the probability of the stock market rising after the holiday this year is higher. Most institutions said that the five reasons might help A shares usher in the first week of “good start.” First of all, the market has a higher probability of rising after the holiday. Secondly, the surrounding markets continue to “rising”. During the Chinese New Year holiday, the A-share market was boosted by economic recovery expectations, and “rising” became the keynote of major global markets. Third, commodity prices have hit new highs. Fourth, the RMB exchange rate’s appreciation has made RMB assets increasingly attractive to international capital, and foreign investors favour shares. Fifth, market funds are abundant. The inflexion point of liquidity tightening that some market participants worry about has not appeared. Industry insiders believe that, in the context of the upcoming launch of larger-scale economic stimulus plans in Europe and the United States, my country does not have the basis for immediate tightening of liquidity.

Gold rose Above 1833 as expected, and resumed support at 1827.

Gold rose Above1833 as expected, and resumed support in 1827.

Yesterday, gold rose and broke high in the morning in the short-term, but the European market’s continuity is not very good.
The rapid retracement of the U.S. market is a standard technical correction. The price of an ounce still holds above the support of 1827. The author reminds us to rely on 1827 to support the defence. Directly placed multiple orders near 1833, and the subsequent rapid anti-drawing was in line with the author’s judgment, and the 1833 trades easily won profits!

The pattern of gold rebounding has not changed. Although yesterday, it temporarily broke the 1849 resistance position and then fell back, the rally has not changed. Yesterday’s retreat was also above the support of 1827. The bullish momentum is still sufficient.

Today, we continue to use 1827 as long and short. At the watershed position, the price is high above 1827. Relying on 1827 support and defence will continue to be bullish in the day. Only when price break 1827 can gold turn down, and we can change our bullish thinking. Otherwise, we will continue to do more. ! In rising, the Gold price must break the resistance! Taking advantage of the trend is by no means empty words!

From the daily line’s perspective, after the sharp drop last week, with the help of non-agricultural profit, the daily line began to rebound and rise for three consecutive years, which has swallowed up the weak pattern of the big Yin K of last Thursday. Strong operation pattern. According to the 4-hour chart, three upper shadow cross candles were closed after the disk price rose. Gold rushed to the upper rail position of the Bollinger Band and was initially under pressure. The pressure position of 1849 began to appear.
Investing too much before gold breaks through 1849 could result in a turn in the market.

We can change our bullish thinking only after breaking down to 1828. Pay attention to the 1849 area, and don’t blindly chase higher.

Today’s gold trading idea: gold 1833-35 area is directly more, support below 1827, the target is bullish 1843-1849 range; broken 1849 stepped back and more, support 1835, target bullish 1860-70 area.

The CBOE Volatility Index edged up on Monday.

On Friday, the CBOE VIX surged, as U.S. stocks struggled to gain ground.

The Chicago Board Options Exchange Volatility Index, commonly known as the VIX, reached an intraday high of 22.46 on a scale of 1-100, where 20 represents the historic average. It would eventually settle up 7.5% at 21.46.

In stocks, the large-cap S&P 500 Index (SPY) declined 0.1% on Monday.

iPath S&P 500 VIX Short Term Futures ETN: (NYSEARCA: VXX) Designed to offer exposure to the S&P 500 VIX Short Term Futures Index Total Return. The Index utilises CBOE Volatility Index futures by investing in first and second-month VIX futures contracts. VXX advanced 1.1%.

ProShares Short VIX Short-Term Futures (SVXY) to track the S&P 500 VIX Short Term Futures Index’s inverse daily performance. SVXY records a small decline of 0.6%.

ProShares UltraShort Term VIX Futures: (UVXY) UVXY delivers 1.5X (leveraged) returns of the day’s moves in the S&P 500 VIX Short Term Futures Index. This index includes the two front months from the futures contract. UVX advanced 1.5%.

Financial Markets Review TUESDAY, FEBRUARY 16th

Last week the equities markets drifted higher to set a new all-time high. The caveat for investors is that signs of underlying weakness remain in the market and could be setting the indices up for a fall. Although the bulk of S&P 500 companies beat their consensus estimates the market was expecting much better, which is not a good thing for equity prices. In addition to earnings prospects dimming, the weather also indicates a decline in economic activity. Although the bulk of the information is in the positive territory, none suggests an acceleration in economic activity.

This week is going to be different. Although the earnings cycle is fast coming to an end, the economic calendar is full. A few reports worth to pay attention to include retail sales, the Producer Price Index, Industrial Production, Business Inventories, and Housing starts. The surprises may be the Industrial Production and Business inventories. Demand generated by the pandemic and a rebounding economy has inventories shrinking and output increasing.

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Weekly Market Review

While the equity market continued to drift sideways near a high set a few weeks ago, traders need to concentrate on the cues for the next market move that will lead to a breakout. The Nasdaq Composite and Standard & Poor’s 500 Index saw gains versus the Dow Jones Industrial Average. Investors are hopeful further stimulus measures from the Fed will boost the economy. At the same time, on the other, the risks of COVID continue to weigh on the economy.
In our view, what is likely to happen is that the latest round of stimulus measures will be passed into law by the middle of March and include another check for most American consumers. One of the final sticking points to be decided is who, exactly, will get another tab. This bill also increases the minimum wage and the unemployment benefits, which include a one-year extension.

The Tiktok GameStop Challenge Worries Regulators

TikTok users were warned against taking stock tips from influencers by regulators.

Many young people have discovered that TikTok is a great source of investing advice.

The Financial Conduct Authority (FCA) has issued a warning to TikTok users about taking stock tips from the app.
According to BBC News, the FCA issued a warning about “promising high-return investments.”
There was one user who posted videos with titles like: “Only future millionaires would want to see this video!!”
.

“There are risks with taking unregulated investment advice and we engage with social media platforms to have pages which breach our regulations taken down,” an FCA spokesperson told a BBC tech reporter.
In the last few weeks, social media has been flooded with investment advice, as the Wall Street Bets subreddit of Reddit has banded together and fueled sky-high returns on GameStop, AMC, and other investments.

In the US, the SEC and other federal financial regulators have reportedly been discussing the trading frenzy. Lawmakers have called for investigations into volatile trading. According to the SEC, it has been “closely monitoring and evaluating” the situation since last week.
On TikTok, users post about GameStop, AMC, and other Reddit-fueled stocks. According to MarketWatch, TikTok’s #investing hashtag had 1.6 billion views of TikTok videos, and GameStop’s online presence was searched over 600 million times in a single day on the app.
One TikTok user had about 130,000 followers who posted videos titled “This stock will make you rich”. In the videos, the user quickly flashed the companies’ balance and earnings sheets, along with their most recent stock quotes.

the aluminium price is facing adjustment in the short term

Aluminium: The stocks have accumulated, the domestic gap is expected to decrease, and the aluminium price is facing adjustment in the short term
2020-12-07 07:14:23 Hexun Futures

Electrolytic aluminium new production continues, the recent expansion of imports of profits, customs inflows, as the Yunnan region in addition to the main production of the dry season, there may be a shortage of electricity supply in winter, resulting in production has slowed progress.

Demand remains resilient, and expectations are good. The State Council clearly pointed out that it will support the consumption of automobiles and green home appliances. In October, real estate, infrastructure, and automobile data were still good, demand for automobiles, photovoltaics, etc. performed well, and home appliances performed well; after the destocking stage continued, the inventory increased by 10,000 tons on Thursday, and the spot premium declined. The overall inventory evaluation is still bias With low inventory levels, it remains to be seen whether the inventory will continue to accumulate.

According to the balance sheet deduction, judging from the current performance of major aluminium downstream demand, aluminium consumption is still optimistically evaluated. Due to the expansion of spot import profits in November and the import profit on the far-month disk, it is expected that the inflow of import declarations will increase. The domestic gap has narrowed.

The aluminium price rose sharply during the stage. On Thursday, there was a signal of inventory accumulation. The crowded funds left the market and formed a stampede. This caused a sharp correction in aluminium prices. The domestic gap was expected to decline in the stage. It still needs to be released, demand can still be resilient, maintain the mid-term aluminium price volatility and strong operational judgment, and adjust the release risk in stages; follow-up pays close attention to inventory accumulation.

Strategic recommendations:

Trend: Long orders reduce holdings, and more can still be filled near the trend line support;

Inter-period: wait and see;

Cross-city: wait and see;

Focus on verification:

The inflow of imported aluminium;

Spot premiums and discounts;

Production and resumption of electrolytic aluminium;

Inventory changes;

Big purchase behavior;

risk warning:

Demand is less than expected;

Other macro risks;

One

3) The operating rate of aluminium sheet and strip in October was 69%, up 1.42% month-on-month, and down 3.63% year-on-year; the operating rate of aluminium foil was 84.7%

2.? Terminal consumption:

1) Real estate: Real estate investment and sales continued to rebound in October, and the completion of the project improved

2) Automobiles: production and sales have picked up. In October, automobile production was 2.552 million units, an increase of 11.2% year-on-year, and passenger car sales increased by 13.3% year-on-year

3). External demand: The price ratio is high and the profit of profile exports is low. In October, the export of unwrought aluminium and aluminium products was 418,900 tons, a decrease of 1.78% month-on-month and 2.58% year-on-year.

4) Power: From January to October, the total investment in power grid increased by -1.3% year-on-year; the investment in power source increased by 47.1% year-on-year

5) Home appliances: The growth rate of refrigerators is still strong, while air conditioners and colour TVs have fallen

three

Inventory and premium:

1. Inventory: Spot inventory has rebounded slightly, but the absolute level is still low

2. Monthly difference and premiums and discounts: spot premiums dropped slightly, and the monthly difference contracted slightly

four

Shanghai Aluminum Technology Chart: Upward in shock

Fives

Supply-demand balance sheet: after the increase in import profits and the increase in the expected import volume, the domestic gap will be reduced?

six

in conclusion

It appears that the new production of electrolytic aluminium continues, as well as the recent increase in import profits and the increase in customs declaration inflows. In addition, Yunnan, the main production location, may have insufficient power supply during the winter dry season, which has slowed the production progress.

Demand remains resilient, and expectations are good. The State Council clearly pointed out that it will support the consumption of automobiles and green home appliances. In October, real estate, infrastructure, and automobile data were still good, demand for automobiles, photovoltaics, etc. performed well, and home appliances performed well; after the destocking stage continued, the inventory increased by 10,000 tons on Thursday, and the spot premium fell. The overall inventory evaluation is still biased. With low inventory levels, it remains to be seen whether the inventory will continue to accumulate.

According to the balance sheet deduction, judging from the current performance of major aluminium downstream demand, aluminium consumption is still optimistically evaluated. Due to the expansion of spot import profits in November and the import profit on the far-month disk, it is expected that the inflow of import declarations will increase. The domestic gap has narrowed. ?

The aluminium price rose sharply during the stage. On Thursday, there was a signal of inventory accumulation. The crowded funds left the market and formed a stampede. This caused a sharp correction in aluminium prices. The domestic gap was expected to decline in the stage. It still needs to be released, demand can still be resilient, maintain the mid-term aluminium price volatility and strong operational judgment, and adjust the release risk in stages; follow-up pays close attention to inventory accumulation.

(Editor in charge: Chen Zhuang)