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On Thursday, the main 1708 contract of Shanghai aluminum after the opening price fluctuated lower to test the second bottom of 13485 yuan, after which the aluminum price launched a shock rebound, once rose to 13630 yuan, helpless to dive again at the end of the day, as of the close of 13555 yuan, down 165 yuan, down -1.
20%.
Index holdings decreased by 33,302 lots to 621,000, and the trading volume doubled to 517,000
.
In terms of external trading, the LME aluminum March contract fluctuated in a narrow range throughout the day, opening at $1880, then rushing to $1886, after which the price fluctuated in a narrow range, once straight up to $1899.
5 before the midday close, diving after the afternoon high, once falling to $1888, closing at $1882, up $2, or 0.
11%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, the sharp decline in aluminum prices in the morning has driven buyers and downstream receiving enthusiasm to heat up, trading is more active, although the afternoon price rebound, the market supply is sufficient to inhibit the transaction price, the afternoon receiving enthusiasm is no longer, the market shipment is difficult
.
In terms of news, the Fed's hawkish interest rate hike, coupled with the high production of electrolytic aluminum in May, the aluminum market is facing greater pressure, overnight bears entered the market, the market bearish sentiment is strong, and the volume of additional positions has fallen, the short-term aluminum market situation is not optimistic, there is a possibility
of further testing 13,000 yuan.
On the technical side, the main KDJ dead fork of Shanghai aluminum repeatedly bottomed out at a low level, MACD continued to maintain the golden cross, the short-term price above 13700 yuan to build greater pressure, and continuously blocked from the 10-day moving average to close out the long upper shadow, short-term may face the possibility
of continuing downward.
It is expected that the current price spread will widen in the later delivery period, and the quotation may fall to around
13300 yuan / ton.
