echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Aluminum futures affected by the plunge in crude oil, the main force gave up the previous two days' gains

    Aluminum futures affected by the plunge in crude oil, the main force gave up the previous two days' gains

    • Last Update: 2022-12-18
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Tuesday, the Shanghai aluminum main 2006 contract opened at 12290 yuan / ton
    in the morning.
    Before noon, the bulls continuously reduced their positions by nearly 4,000 lots, and the market quickly leaked; In the afternoon, the opening bears waited for the opportunity to enter, the hourly line quickly pulled down a long lower shadow to 12005 yuan / ton, the end of the day bulls continued to reduce positions to hedge, and finally closed at 12105 yuan / ton, down 235 yuan / ton from the previous day's close, down 1.
    9%.

    During the day, nonferrous metals were affected by the collapse of crude oil and the overall downturn, and Shanghai aluminum was also fluctuated, and the main force gave up the gains of the previous two days
    .

    Period aluminum

    In terms of external trading, Lun aluminum opened at 1501.
    5 US dollars / ton in the morning, showing a complete downward trend during the day, breaking the 1500 US dollars / ton mark after the opening, still struggling around 1490 US dollars before midday, the center of gravity fell at 1485 US dollars / ton in the afternoon, and closed at 1488 US dollars / ton at the end of the Asian session; European trading session, gradually away from the daily moving average, once tested down 1482 US dollars / ton, temporarily supported to rise, long and short game under the performance of Lun aluminum wide range shock, as of 17:42 Beijing time, Lun aluminum closed at 1485 US dollars / ton, down 20 US dollars / ton, down 1.
    33%.

    From a fundamental point of view, the cost side has stopped falling and stabilized, the supply side has not changed more, the demand side spot is still strong, the futures remain premium, and the front-month contract back structure is maintained
    .
    In the case of domestic demand repair, the short-term position of the lower 10-day moving average is expected to form some support
    .
    It is expected that tomorrow's Shanghai aluminum main shock will run at 11950-12350 yuan / ton, and it is necessary to continue to pay attention to changes in the sentiment of long and short bears and fundamental changes
    .
    Aluminum prices fluctuated and sank
    before noon.
    In the morning, Shanghai Wuxi area of the holder quotation between 12240-12260 yuan / ton, a large household around 12260 yuan / ton part of the receipt, the market trading is more active, the two sides of the performance positive, 10:30 late aluminum fall, the holder quotation began to concentrate between 12210-11230 yuan / ton, because of the market circulation in the past two days is tight, the plate premium rose to 20-40 yuan / ton, individual holders quoted around 12200 yuan / ton, because of the price fluctuations, In the later period, the market transaction heat fell, and the wait-and-see attitude of cargo holders gradually rose, and the quotation of cargo holders in Hangzhou was around
    12530-12550 yuan / ton.
    Downstream purchases are normal within the day, and a large number of goods
    are not hoarded due to the sharp decline in aluminum prices.
    The overall transaction in East China was acceptable, slightly worse
    than the previous day.
    In the late afternoon, aluminum first fell and then rose, and the early quotation of the holder was around 12150 yuan / ton, and the premium of the plate was about 30-40 yuan / ton, and there was almost no transaction
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.