After a two-week correction, Alcoa fell out of last week's low and began to recover. The price re-emerged in the upward direction of $1,820 to the resistance of $1,840. With the rising of the price, the positions began at the beginning of the week. The 495303 hand quickly dropped 30,000 hands to the weekend position has been reduced to 465,309 hands, showing the obvious intention to close short positions. Of course, from the current degree of reduction, it does not explain the short camp changes, due to delivery The lightening of the position is also an important factor. But in the short term, the bulls have the upper hand, and the overall upward trend of Lon Al remains intact. London's first price to break through is 1840, followed by the pressure of 1860-1880. The author prefers that aluminum prices already have a high innovation base. However, after the short positions are closed, active buying can actively intervene and the position can continue to increase. This is the key to whether the price can hit the resistance at the top or even hit a new high. This week, Shanghai Aluminum still maintains a range oscillation and has a slight trading focus. Driven up, the 0502 contract performed strongly. After experiencing the calm of the week and Tuesday and two days, Changhong pulled up the resistance upwards on the back of the long buying activity on Wednesday. The impact of the 60-day moving average blocked and began to fall on Thursday. The previous closing price was high, and the fall of Friday was mainly driven by the decline in copper prices. The advance of the Masukura to increase the price of long positions was the main driving force for the price drop. The price once again returned below 16,000, which caused the price to oscillate at the mid-term bottom. The pattern will continue. The significant shrinking of trading volume and the significant reduction in open interest rate indicate that the power for short-term and further declines in prices is not strong. Similarly, low-level volume and open interest are still insufficient to make the price break through the key pressure in the medium term, and new funds are expected to enter the market. Support is still the key. However, the increase in the focus of trading also shows that the short-term trend is strong. From a technical point of view, the medium and short-term moving average systems have been long queues. The red bars in the macd indicator are longer and the bulls are gaining strength. Judging from the indicator system, the midline remains bullish, with the top resistance at the 60-day moving average. The short-term averages have formed good support for the prices. Domestic spot prices have also generally rebounded. The aluminum price in the Shanghai region has exceeded 15900 at the weekend and this week's fluctuation range. In 15700-15970 yuan, Friday's offer was 15910-15930 yuan, up about 180 yuan from last Friday. Shanghai Commodity Exchange stocks have also been significantly reduced, after continuing to reduce 10444 tons last week, this week continued to reduce 14,017 tons At present, the total inventory is 75,277. Both the rebound in spot prices and the reduction in inventories will clearly support the entire aluminum price. The current weakness is mainly caused by factors at the end of the year. The overall situation of the domestic aluminum market is already improving. The country’s macro-control has restricted the production of primary aluminum, and domestic consumption has remained relatively good. The monthly increase in exports is gradually easing domestic supply pressure. It is expected that China’s exports will further increase in November, and the monthly export volume may be higher than the average level of 100,000 tons in the general month of this year. The fundamentals of the international market performed well and strongly supported the increase in prices. This week, aluminum stocks fell. Breaking 700,000 tons, the rise in European spot premiums has shown that the demand is relatively strong. The overall weakness of the US dollar has not changed. Although it has rebounded, but the impact on the base metals is weakening.. Comprehensive analysis, short-term aluminum There is still a possibility that prices will be rushed upwards, and price cooperation is the key. The fundamentals are gradually improving and will also form good support for the rise in prices. On the operation, it is recommended that investors absorb on the low side and hold on the midline.