echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Aluminum prices are out of the shackles of the moving average and continue to have a slight lack of upward momentum

    Aluminum prices are out of the shackles of the moving average and continue to have a slight lack of upward momentum

    • Last Update: 2022-12-17
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Tuesday, the main 2003 contract of Shanghai aluminum opened at the low of 13680 yuan / ton in the morning, and the opening bulls entered to give support, and then entered the short flat, aluminum prices out of the average shackles, all the way up to 13840 yuan / ton, refreshing the highest point since February this year, continuing to upward momentum is slightly insufficient, and then the high softening at 13810 yuan / ton The first line of shock finally closed at 13780 yuan / ton, up 90 yuan / ton, or 0.
    66%.

    Aluminum prices

    In terms of the external market, Lun aluminum jumped high at 1709 US dollars / ton in the morning, and after the opening, it climbed along the 5-day moving average, and the Asian market tested 1725 US dollars / ton twice, but it has never been able to break further upward, the Asian market ended the high fell back to stop falling at 1710 US dollars / ton, after entering the European session, Lun aluminum low rose near the daily moving average, as of 17:15, Lun aluminum reported at 1715 US dollars / ton, closed at the small white line, up 8 US dollars / ton, or 0.
    47%, However, the center of gravity has not shaken off the weak operation since last week
    .
    The intraday LME inventory report showed that aluminum stocks increased by 10,100 tons, an increase of 1.
    23%, focusing on the later performance of inventories, and whether the pressure will gradually increase
    .
    At the same time, the US dollar index recorded new highs in a row, and it is expected to continue the low volatility above the $1700 mark, and continue to pay attention to European data and the impact on the
    US index.

    The rise in aluminum prices within the day reflects that the market still expects consumption recovery, and this week is the delivery week, and some short positions have also pushed aluminum prices up, noting that the market will return to the BACK structure
    after the change of month.
    In addition, due to the impact of the epidemic, the night market has not yet announced the resumption of operation time
    in the previous issue.
    Tomorrow's Shanghai aluminum main force will still oscillate
    in the 10-20-day moving average range.

    In the spot market, aluminum futures fluctuated upward before noon of the month
    .
    The mainstream spot trading price in Shanghai, Wuxi and Hangzhou markets is concentrated between 13720-13740 yuan / ton, which is nearly 120 yuan / ton higher than the previous day, and the spot discount continues to narrow, maintaining between 60 yuan and 30 yuan / ton
    .
    Intraday traders are still active in trading, and there are still more receivers than shippers, but the two sides are relatively deadlocked in transaction prices, and the actual transaction is average
    .
    The downstream performance was calm during the day, and the performance of Hangzhou was particularly light
    among the three regions.
    The overall transaction in East China did not have much bright spots
    .
    In the late afternoon, aluminum maintained range volatility, and fell at the end of the day, although some people quoted around 13730 yuan / ton in the market, and the opposite surface was discounted around 30 yuan / ton, but there was almost no transaction
    .

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.