September turnover increased 43 times year-on-year

Speculative funds will always only flow to higher yields. All indications are that starting from September, most of the speculative funds have gradually withdrawn from the copper market and transferred to aluminum. According to market analysts, based on the current prices of the two commodities, the same rise or fall market, the aluminum aluminum investment yield is about 3 times of copper.

Recently, the Shanghai Futures Exchange announced the statistics on the sales of its various types of commodities in September. Among them, the aluminum data is more conspicuous: the total turnover of aluminum in September was more than 358.5 billion yuan, compared with more than 8 billion yuan in the same period of last year, an increase of about 43 times compared with the same period last year; in August, the transaction volume was more than 1,310. Billion yuan, the chain has increased nearly twice; volume was about 3.65 million hands, an increase of 36 times, an increase of 1.6 times; the number of positions of about 220,000, an increase of 5 times, an increase of 13%. In contrast, the volume of copper sold decreased by 21% and 24% year-on-year, respectively, and the open interest volume decreased by 44% and 17% year-on-year, respectively.

“The huge increase in September aluminum and the relative contraction of copper show that many of the speculative funds for the pre-investment period have begun to transition to aluminum markets.” The head of the marketing department of a futures company expressed the above statistics. According to the person in charge, speculators' speculative aluminum is mainly motivated by the fact that the price of copper has nearly doubled since the beginning of this year, and the current price is about 70,000 yuan, which makes it “highly unstoppable”; Prices did not increase much from the beginning of the year and ranged from 19,000 yuan to 20,000 yuan. With the same type of metal, this gap between copper and aluminum has become a good excuse for speculation; secondly, copper prices are about three times that of aluminum and funds are raised by raising or lowering the same price. At the same time, the cost of aluminum is definitely lower, and its profit rate is also more than three times that of copper.

Industry sources also said that the speculative funds involved in the aluminum trend may become even more apparent after entering the month of October. From yesterday's trading situation, Shanghai Aluminum’s main position in the 0612 contract was 83,346 contracts, an increase of 6556 lots over the previous trading day, with a volume of 152,730 contracts, an increase of 94,320 contracts over the previous trading day; meanwhile, aluminum was Showing heavy volume gains, the 0612 contract rose 240 yuan to close at 1,970 yuan. In contrast, the Shanghai copper market appears to be relatively deserted, the Shanghai copper main contract 0612's open interest is only 20,000 hands, even the Exchange's list of positions held by the lower boundary of 30,000 handheld positions this standard has not been reached, the transaction There are only 9662 hands.

A Shanghai-based aluminum trader revealed that the main driver of their multi-phase aluminum production does not come from the fundamentals, because fundamentals have been unable to support the substantial increase in aluminum prices. At present, the main driving force behind the speculative funds for the aluminum market in the multi-period comes from the upward trend of aluminum in the London Metal Exchange (LME). Starting from October 5th, Lun Aluminum continuously pulled out several Yangxians, rising from a low of 2,450 US dollars on October 4 to 2,646 U.S. dollars at the time of the press release.

Some analysts in London said that LME aluminum prices are expected to rebound to the level of US$3,000 per ton by the end of the year, which has led investors who have bet on the decline in aluminum prices to start covering their long positions. At present, LME's aluminum holdings also far exceed copper, which is more than 2 times that of copper. This position is also far ahead of other metal futures in the LME market. At the time of the press release, aluminum had about 540,000 hands, while copper had only 220,000 hands.

London aluminum is likely to become another gambling target of the International Fund after copper.

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