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On Friday morning, the main contract of Shanghai aluminum opened at 12305 yuan / ton, a small number of bears left the market at the beginning of the session, aluminum prices rose slightly around the daily moving average narrow range, and then the bears attacked aluminum prices under pressure quickly leaked, the afternoon long and short game intensified, the end of the day bulls fled in a hurry, the main volume of Shanghai aluminum fell below the 40/60 daily moving average support, the low touched 12150 yuan / ton recorded a new low in nearly a month, closing at 12160 yuan / ton
.
After the fierce game between long and short, the bulls obviously lack confidence, the bears' power is growing, it is expected that the short-term Shanghai aluminum repeatedly test the 40-day moving average support, next week or maintain a wide range of
shocks.
In terms of external trading, there was a problem with the LME system in the morning, returning to normal at 11:45, Lun aluminum opened at 1607.
5 US dollars / ton, the beginning of the session around the daily moving average narrow range oscillation, then dragged by the domestic Shanghai period aluminum, Lun aluminum down to the low of 1599.
5 US dollars / ton, the 60-day moving average below showed strong support, into the European trading session, Lun aluminum again put the volume upward, as of 16:20 Lun aluminum high recorded 1607.
5 US dollars / ton, it is expected that the evening Lun aluminum maintained a narrow range of shock, continue to test the 60-day moving average support
。
In terms of the market, the transaction concentration in Shanghai was 12580-12620 yuan / ton, the premium for the month was 170-190 yuan / ton, the transaction concentration in Wuxi was 12590-12600 yuan / ton, and the transaction concentration in Hangzhou was 12620-12630 yuan / ton
.
Holders are willing to sell resolutely, although the price is slightly lowered after 11 o'clock, but the spot premium is close to 200 yuan / ton, the profit margin of middlemen is compressed, and the willingness to replenish is cooling, especially the rapid decline of aluminum at 11 o'clock, the willingness to inquire is weak, downstream enterprises, only enterprises that just need to purchase on demand, the overall transaction is passive
under the deadlock of supply and demand.
In the late afternoon, the volume of aluminum fell down, the market was cold, and a small amount of the market was traded at 12460-12470 yuan / ton
.
Entering the off-season, the order volume of downstream manufacturers continues to shrink, and the demand is insufficient, but due to the tight supply and the continuous reduction of inventory, the short-term may play a certain supporting role
in aluminum prices.
