Shanghai Pufa Futures: Copper and aluminum have wide fluctuations, investors can pay attention to aluminum market

Today, Shanghai copper's main 0512 contract opened at 36,900, a high of 37,240, a low of 36,600, closing at 36,810, a total of 46,442 lots traded throughout the day, and an increase of 7,688 positions. The market shocks throughout the day are relatively large and are rare in the recent market.

Inventory released by LME and COMEX continued to decrease, and COMEX’s total inventory is now only 4,981 short tons. This caused the main December contract of COMEX to go up all the way last night, driving the LME's price to a record high of 3,952 dollars. LME's spot copper premium is maintained around US$170. With the emergence of the copper peak in the fourth quarter, the fundamentals will not change much before the end of the current year. Today, the spot price of copper for the Yangtze River is 38100-38190, and the price on the spot market is basically maintained above 38,000.

Last night's price of LME was affected by COMEX's all-time upswing. It had reached a record high of 3,952 in the session. Since it was a near-term resistance near 3950, the price has dropped back. From the chart point of view, technical indicators have been overbought, and LME has callback requirements. The opening of the Bollinger Bands has been completely liberalized, and it is expected that the trend of the market will be dominated by the high level of wide fluctuations. At present, there will be support in the interval of 3750-3800, and the original view will remain near 3950.

Shanghai copper has enlarged its trading volume today, and it has also increased its holdings during the ups and downs. Due to the relatively low domestic prices and LME prices, even if the LME has a correction, the domestic downside has been limited. The LME's head has not confirmed that it was not easy to sell short at home in the past.

Today's domestic aluminum prices fluctuate relatively, the volume of transactions has reached the recent amount of days, and the positions have also increased. Currently, the funds on the market are paying attention to the aluminum market. Since the price of futures aluminum is now far below the cost price, the aluminum market will have some room for growth. The resistance at the top of the near-term is near 17500, because this price is the cost price of the aluminum producer, so reaching this price range will cause the aluminum plant to sell inventory aluminum.

Pufa Futures Zhu Yifan