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On Tuesday, the main 1709 contract of Shanghai aluminum maintained a weak trend overnight in early trading, the price once continued to fall to 13930 yuan, stimulated by the news in the afternoon, the price rebounded, with the assistance of market bulls, aluminum prices rushed to 14110 yuan and approached the red close
.
As of the close, it closed at 14,090 yuan, down 25 yuan, or -0.
18%.
In the external market, the LME aluminum March contract rushed below $1900 this morning, and then maintained a high level of volatility and declined, after which the price rebounded again to a maximum of $1906, and closed at $1904.
5 at the close of the Asian market, up $8.
5, or 0.
45%.
In terms of the market, the mainstream trading hours of the spot market trading are general, aluminum prices experienced a sharp decline today, holders of goods to ship, prices continue to fall, traders still maintain a slight discount shipments, in the afternoon middlemen and downstream enthusiasm increased, but mainly delivery warehouse receipts, but downstream is continuing to wait and see, and insufficient arbitrage space has led to few middlemen transactions
.
In terms of news, the rise in foreign aluminum inventories overnight suppressed Lun Aluminum, and aluminum market bulls had a tendency to reduce their positions and leave the market, but there was news that Xinfa 1.
1 million tons of aluminum projects were found to lack relevant approval procedures, which made the market speculate on supply-side policies again, and aluminum prices rebounded
sharply in the afternoon.
Technically, Shanghai aluminum main KDJ dead cross, MACD golden cross, the price continues to run below the 5-day moving average, below the 20-day moving average at 13900 yuan, the daily K closing length lower shadow shows that the support below is strong, continue to pay attention to the 14000 yuan integer mark support strength, quotation or rise to 13900 yuan / ton above
.
