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On Wednesday, the main 1707 contract of Shanghai aluminum failed to open twice to 13740 yuan, and then fell under pressure, the price fell to 13670 yuan, and rebounded slightly before the noon close, and the aluminum price fluctuated lower in the afternoon, rebounded slightly before the close, and closed at 13690 yuan, down 10 yuan, down -0.
07%.
Externally, the LME aluminum March contract opened slightly lower at $1901.
5, then edged higher, then fluctuated in a narrow range, as high as $1908.
5, and the price fell back to near the opening price before noon, and the opening price fell to $1896.
5 in the afternoon, and then rebounded
.
As of the Asian market closed, it closed at $1901, down $4, or -0.
21%.
In terms of the market, the transaction during the mainstream trading hours of the market is general, the intraday aluminum is stable, and the upstream price is reluctant to sell, and the pace
of shipment is controlled.
Due to the recent decline in aluminum prices, the spot discount has narrowed, but the market circulation is abundant, the holders are actively quoting and shipping, and the downstream bargain hunting, the transaction continues to improve slightly
.
On the news front, fund managers' net long positions in LME aluminium were further reduced last week, premium global aluminum producers quoted aluminum premiums to Japanese buyers declined, and the market expected that China's increase in production in the third quarter weighed on
aluminum prices.
At present, entering the summer, the hot weather has led to a contraction in the overall demand of the aluminum market, coupled with the continuous appreciation of the RMB, which has made the non-ferrous metals weaken collectively in the near future, and it is difficult to attract long funds, and it is expected that the center of gravity of the aluminum market will shift
down in the short term.
On the technical side, the main KDJ dead fork of Shanghai aluminum and MACD dead fork face short-term support
at 13,500 yuan.
It is expected that the current price spread will continue to narrow tomorrow, and tomorrow's quotation may fall to around
13500 yuan / ton.
