Shanghai Aluminum Chong Gao was pressured
During the National Day holiday, London Aluminum bucked the uptrend and remained unchanged compared to the pre-holiday period. However, Shanghai Aluminum Co., Ltd. rallied after the opening bell on Monday and closed lower due to a bearish sell-off. The main contract in December closed at 1,970 yuan, an increase. Only 50 yuan, a large increase in the amount of warehouse synchronization.
During the holiday season in the country, London Aluminum fell for 4 consecutive trading days, followed by a sharp rise in the two trading days, basically filling the decline in the previous few days, and after the opening of Shanghai Aluminum in January, London aluminum electronic trading plate shot up slightly. Shanghai Aluminum promoted the opening, especially the spot monthly contract, which was even more alarming. It once hit the daily limit. However, under the continuous sell-off of spot dealers, bulls steadily backed off the support, resulting in a sharply lower price, and Monday’s long and short contention. The shorts have a slight advantage. At present, the aluminum market has concentrated a large amount of funds and formed a situation of serious short-selling and speculative long-term confrontation. The main reason for this situation is that aluminum stocks are very low and positions are huge. After the market is judged to focus on inventory changes, stock supply and the trend of copper prices. If these factors do not appear large negative changes, the aluminum market may have a "multi-empty" market. Therefore, investors should focus on bargain hunting and set a new high to chase.
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