Copper and aluminum accelerate fuel upsurges

Copper and aluminum accelerate fuel economy to maintain shocks Last week, the tight domestic spot supply situation forced speculative short positions covering October and November contracts to cover their positions, which led Shanghai copper to accelerate after September contract delivery. International copper prices also followed Shanghai copper. Rally. The LME copper opened on 2788 last Monday. On Thursday, it broke through the 2800 integer mark to 2,823 US dollars. It fell slightly on Friday and closed at 2810, up 21.5 dollars. LME aluminum prices are also particularly strong. Short-term transportation bottlenecks caused by hurricanes have become an important factor in aluminum prices. Last week, LME aluminum closed at 1710 and was up 12.5 dollars per week. Domestic copper and aluminum led the international market. Shanghai copper's main contract, CU0412, opened at 25840 on Monday. Last week, it remained volatile for the first three days of trading last week. On Thursday, it suddenly made a sudden surge on Friday, closing at 27,100 yuan on Friday and 1,180 yuan on weekdays. Shanghai Aluminum oscillated higher last week. The main contract, AL0412, opened at 16080 on Monday, closed at 16470 on Friday, and rose 480 yuan on week. The turnover and positions were sharply enlarged. The AL0412 contract traded more than 60,000 lots, which was twice as high as the previous week. More than that, open interest increased by 36,000 to 58,000 hands. In the spot market, China’s aluminum output in August was 541,000 tons, which was higher than that in July. However, the net exports of domestic aluminum and aluminum alloys increased significantly from 30,502 tons in July to 67,995 tons in August. To the extent of offsetting the increase in aluminum production, the domestic aluminum price has also been suppressed. Last week, New York crude oil futures prices swayed among the factors affecting bullishness and negatives. Supply concerns caused by hurricane-fighting dominated the crude oil futures market. New York’s October crude oil contract rose by $1.71 to $45.59 on Friday and hit $45.80. This is a high level since August 24th. The FU0501 contract last opened at 2092 on Monday, with a 2110 high and a 2083 low, closing at 2094 and a weekly gain of 2 yuan.

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