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On Thursday, the price of the main 1708 contract of Shanghai aluminum once rushed to 13925 yuan after the opening, and then the high level was under pressure, the price shock fell, and the aluminum price plunged sharply at the end of the day, once falling to 13755 yuan, and closed at 13765 yuan, down 160 yuan, down -1.
15%.
Index holdings decreased by 19,500 lots to 491,000 lots, and the volume slightly enlarged to 273,000 lots
.
In the external market, the LME aluminum March contract opened at $1868, then fluctuated higher to $1874, after which the price fluctuated high, and the price fell back to a low of $1866.
5 in the afternoon, closing at $1869, up $3, or 0.
16%.
In terms of the market, the mainstream trading hours of the spot market continued to cool down, today's market demand is extremely weak, downstream fears heights, and holders actively ship, but the market rarely receives goods, the afternoon price plummeted, the market once discounted to three digits, the transaction was weak
.
In terms of news, the sharp increase in aluminum inventory shows weak demand, intraday Shanghai aluminum weak shock after the impact of black tail diving, the market is still worried about the current weak domestic fundamentals, coupled with the early profit is basically exhausted, are suppressing Shanghai aluminum to continue to rise momentum, the current aluminum market holdings fell sharply, showing that the funds are obviously cautious, it is expected that the aluminum market is still at risk
of decline.
On the technical side, Shanghai aluminum main KDJ golden cross, MACD golden cross, but both trend bearish, the price above the 60 moving average and 14000 yuan integer mark pressure, below will test the support at 13700 yuan, quotation or fall to 13600 yuan / ton above
.
