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On Wednesday morning, Shanghai aluminum opened at 12695 yuan / ton, the early long and short game under the narrow range of Shanghai aluminum, then more flat in, aluminum prices in a stepped down, the afternoon low touched 12540 yuan / ton, then bulls chose to buy low to push up aluminum prices to repair most of the decline to close at 12665 yuan / ton, Shanghai aluminum out of
the deep V market.
The volume increased to 170886 lots, and the position increased by 7500 lots to 204136 lots
.
The long-short game is gradually intense, and the longer lower shadow of Shanghai aluminum also shows that the bulls have not given up, and the short-term Shanghai aluminum continues to maintain high volatility, and the upper and lower space are relatively limited
.
In terms of external trading, London aluminum opened at 1685 US dollars / ton in the morning, the Asian session was dragged down by domestic Shanghai aluminum, Lun aluminum continued to fall below the 5-day and 10-day moving average, the low touched 1671 US dollars / ton, Asia tail with the upward repair of Shanghai aluminum repair part of the decline to recover the 10-day line, into the European trading session, Lun aluminum narrow range above the daily moving average, as of 17:30 Lun aluminum 1678 US dollars / ton, relative to domestic Shanghai aluminum, Lun aluminum rebound strength is slightly weak, short-term or continue to test the 10-day moving average support, Continue to pay attention to the guidance
of the trend of Shanghai aluminum.
On the macro front, the dollar remained firm, as expectations of interest rate hikes rose more than 0.
8 percent on Tuesday, weighing on the prices
of non-ferrous metals such as copper and aluminum.
Although the dollar may usher in a high stagflation situation, its possibility of a sharp decline is still unlikely, and the strong dollar has become the main reason
for dragging down the price trend of copper and aluminum.
In addition, the downstream consumption season of the nonferrous metal industry is not strong, and weak demand and oversupply also drag down the trend
of copper and aluminum.
In terms of the industry, railway bureaus including Taiyuan Bureau, Xi'an Bureau, and Zhengzhou Bureau have cancelled railway freight concessions in the early stage, and the freight cost of electrolytic aluminum continues to rise; Steve Fisher, CEO of Novelis, the world's largest producer of rolled aluminum, said global demand for rolled aluminium is expected to grow 4-5 percent next year due to increased
demand from the automotive and can industries.
In terms of the market, the transaction volume in Shanghai is concentrated at 13250-13280 yuan / ton, and the flat water to the premium water of the month is 30 yuan / ton, smelters are worried about the increase in the arrival of aluminum ingots in the later period, and the month change is approaching, smelters have a strong willingness to exchange cash; Due to concerns about the continuous decline in premium, the risk of hedging is high, the mentality of receiving goods is still cautious, the market shows oversupply, and the selling sentiment is strong
.
Spot premiums have fallen sharply to the flat water line, spot prices for futures prices to push up weakly, monthly factors may continue to guide aluminum price adjustment
.
The main force of Shanghai aluminum fell after the big rise during the day, and the current price is at the 12600 line, and the 12500 line temporarily provides support, but the support here is not stable
.
Overall, the tight supply of spot aluminum is still gradually eased, as the change month approaches, it is difficult to form an actual forced position on Shanghai aluminum, Shanghai aluminum rise or slowdown, it is recommended to wait and see for
the time being.
