Aluminum continues to rise

Aluminum continued to rise on Friday. After opening higher at $1,885, it oscillated slightly and fell to 1881. With the influx of buying prices, aluminum prices rose steadily, reaching a high of 1913.5, and the market closed at 1908, up by $19 from the previous trading. Volume was 95,650 lots, an increase of 5,350 lots over the previous trading day. Positions were 430,496 contracts, a decrease of 2,638 contracts from the previous trading day; inventory was 503,900 tons, a decrease of 1,725 ​​tons compared with the previous day.

Aluminum broke through the tenacious resistance of 1,900 US dollars and closed at 1,907, rising by 18 US dollars, approaching a high level near the end of September. In recent months, the spread of the contract has tightened, and the Spot/October contract has reversed the price gap by 15 dollars. Although this wave of international aluminum price rally is more affected by the rise in prices of peripheral commodities, which has attracted funds to make a market, the international aluminum market itself has undergone some positive changes since then: output has been declining and demand has been rising. According to the statistics of the International Aluminum Association (IAI), the daily output of the world (excluding China) slightly declined to 64,700 tons in August, which was lower than the 64,800 tons in July. On the demand side, a series of economic data released recently by the United States showed strong performance. In particular, the North American new orders index (excluding seasonally volatile cans) has been falling sharply in the previous period. In August, it only fell 0.6% year-on-year. In July, the index fell 9.3% year-on-year. The fundamentals will continue to provide ample support for the further rise in international aluminum prices.

Operational advice: Bulls continue to hold positions.