November 11 morning news, this morning Shanghai aluminum once again hit a historic low, the lowest intraday fell to 10050. Yesterday night Shanghai aluminum main contract intraday fell to 10030, under the 10-year low of 10040, a record low since the listing of the contract. Experts said that aluminum supply is difficult to change the pattern of excess, Shanghai aluminum is expected to remain the same downward trend.

Aluminum supply is difficult to change the pattern of surplus Shanghai aluminum downward trend unchanged

Liu Meili, an analyst with Business Society, believes that the slight rebound in aluminum prices at the end of October and early November is directly related to production cuts by producers. However, the current pattern of aluminum supply is still oversupplied, which cannot be reversed in the short term. Moreover, aluminum consumption growth cannot be continuously and effectively boosted, and aluminum prices will further decline with the decline of costs. Liu Xintian, secretary general of China Bulk Commodity Development and Research Center, believes that the current market is not confident enough, and it is expected that the main aluminum futures contract in November will break the 10,000 yuan mark.

British futures analysts said that the Fed rate hike expectations, the dollar index high volatility, metal prices remain under pressure. Aluminium futures fell sharply yesterday, weighed down by weak macro data and news of continued export duties on primary aluminium. Domestic commodity overcapacity, deflation is worsening, the fundamentals of the aluminum market is still weak, Shanghai aluminum is expected to remain the same downward trend, short term to maintain weak shock trend.