LME zinc prices rose by more than 3% on Monday as LME stocks fell, but traders believe that long-term concerns about slowing economic growth are imminent.
Affected by zinc, aluminum also closed higher at $30 to 2,655. On the same day, the aluminum volume was 97332 lots, the position was reduced by 2175 lots, and the inventory increased by 450 tons.
The preliminary data released by the International Aluminum Association (IAI) on Monday showed that the average daily output of primary aluminum (excluding China) rose by 64,800 tons in October from the previous month, and the output in September was revised to 65,300 tons, and in October 2005, It is 65,300 tons.
In October (31 days), the total output was 2.039 million tons. September (30 days) was 1.658 million tons. In October 2005, it was 2,023,000 tons.
The Japanese yen fell across the board in the New York market as the finance ministers’ meeting last weekend did not comment on the weakness of the yen, leaving the market disappointed. The dollar rebounded slightly. Some analysts had said before the 20-nation meeting that if officials choose to focus on the impact of the US current account deficit on global imbalances, then the dollar will risk falling. however. The 20-nation finance minister did not mention the current account deficit problem. This is good for the dollar. The 20-nation conference last Sunday said that the major global economies are facing the risk of rising inflation risks, but the strong economic growth prospects suggest that major central banks may not cut interest rates soon.
Although London Aluminum rebounded on Monday, there is still some pressure on the 2670 line. The market only has to stand above 2710, and the rebound is expected to really start. There is still a possibility of a probe.
Shanghai Aluminum temporarily gained support on the 19700 line on Monday. Due to the long-term temporary balance in this interval, London Aluminum's guiding role will be very obvious. In view of the slight rebound in London on Monday, Shanghai Aluminum is expected to test the resistance of the 20,000 line on Tuesday.
Operational strategy: Long-term and long positions do not move, short-term attention to the pressure of the 20,000 line situation, short-term to do more should still be cautious, temporarily do not stay overnight parts.
Affected by zinc, aluminum also closed higher at $30 to 2,655. On the same day, the aluminum volume was 97332 lots, the position was reduced by 2175 lots, and the inventory increased by 450 tons.
The preliminary data released by the International Aluminum Association (IAI) on Monday showed that the average daily output of primary aluminum (excluding China) rose by 64,800 tons in October from the previous month, and the output in September was revised to 65,300 tons, and in October 2005, It is 65,300 tons.
In October (31 days), the total output was 2.039 million tons. September (30 days) was 1.658 million tons. In October 2005, it was 2,023,000 tons.
The Japanese yen fell across the board in the New York market as the finance ministers’ meeting last weekend did not comment on the weakness of the yen, leaving the market disappointed. The dollar rebounded slightly. Some analysts had said before the 20-nation meeting that if officials choose to focus on the impact of the US current account deficit on global imbalances, then the dollar will risk falling. however. The 20-nation finance minister did not mention the current account deficit problem. This is good for the dollar. The 20-nation conference last Sunday said that the major global economies are facing the risk of rising inflation risks, but the strong economic growth prospects suggest that major central banks may not cut interest rates soon.
Although London Aluminum rebounded on Monday, there is still some pressure on the 2670 line. The market only has to stand above 2710, and the rebound is expected to really start. There is still a possibility of a probe.
Shanghai Aluminum temporarily gained support on the 19700 line on Monday. Due to the long-term temporary balance in this interval, London Aluminum's guiding role will be very obvious. In view of the slight rebound in London on Monday, Shanghai Aluminum is expected to test the resistance of the 20,000 line on Tuesday.
Operational strategy: Long-term and long positions do not move, short-term attention to the pressure of the 20,000 line situation, short-term to do more should still be cautious, temporarily do not stay overnight parts.
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