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On Tuesday, the main 1709 contract of Shanghai aluminum continued to weaken after the opening, and the aluminum price pulled back sharply in the afternoon, once falling to 14285 yuan, and the narrow range fluctuated before the close, closing at 14350 yuan, down 115 yuan, down -0.
80%.
Index holdings decreased by 67,188 contracts to 619,000 lots, and trading volume shrank to 266,000 lots
.
In the external market, the LME aluminum March contract slightly rose $1918 after the morning open, and then the high fluctuated in a narrow range, and the price plunged in the afternoon, once falling to a minimum of $1903, and the Asian market closed at $1904.
5, down $8, or -0.
42%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, and on the first trading day after the delivery date, the holders actively adjust the price and ship, but the downstream continues to wait and see, and the market purchases are less under the downward trend, and the spot discount to the spot monthly futures has been greatly expanded, and it may be gradually corrected
in the future.
In terms of news, the aluminum market in the 14,500 yuan line by the weak fundamentals of the pressure appeared, statistics bureau data show that in June primary aluminum production of 2.
93 million tons, reaching a three-year high, in the supply-side reform in full swing, production hit a new high coupled with high inventory, fundamentals are still weak, under the influence of the capital withdrawal sharply, intraday Shanghai aluminum index sharply reduced positions down, short-term aluminum market or will remain weak operation
.
On the technical side, the main KDJ and MACD double golden forks of Shanghai aluminum, the price stepped back to the 10-day moving average, and finally closed above the 5-day moving average, the short-term pressure at 14,500 yuan remains, and tomorrow's quotation may fall back to above
14,000 yuan / ton.
