Aluminum prices continue to fluctuate weakly, and there is limited room for continued adjustment

In terms of external trading, London aluminum opened at 1883 US dollars / ton in the morning, the aluminum price fell slightly at the beginning of the session, around the daily moving average shock sorting out in the afternoon, dragged down by domestic Shanghai aluminum in the afternoon, Lun aluminum fell sharply, successively fell below the 5/40 daily moving average support, into the European trading session Lun aluminum volume downward, the low touched 1859 US dollars / ton, the dollar fell, aluminum prices low back up back above the daily average, 40-day line support first appeared, as of 17:48 Lun aluminum 1872 US dollars / ton, it is expected that Lun aluminum will continue to repair the decline, try to recover the 5-day moving average
。

In terms of the market, aluminum continued to decline after falling at the beginning of the month
.
Shanghai transaction concentration 13520-13550 yuan / ton, the discount for the month 80-70 yuan / ton, Wuxi transaction concentration 13510-13540 yuan / ton, Hangzhou transaction concentration 13580-13600 yuan / ton
.
Near delivery, the spot price remains around 80 yuan / ton, aluminum is downward, the willingness of holders to exchange cash is strong, the market circulation of goods increases, after the month change, the probability of the current price difference is larger, the middleman waits and sees the market before delivery, the aluminum dives, the downstream enterprises wait and see the mood breeds, the willingness to purchase slightly falls, and the overall transaction falls compared with yesterday
.
In the late afternoon, aluminum continued to leak in the month, and the wait-and-see attitude of cargo holders breeded, and there were only a small number of large discount shippers in the market, and the quotation was concentrated at 13460-13510 yuan / ton, due to the narrowing of the current price difference, there were traders to inquire, but it was difficult to trade
.

In terms of industry, data from the National Bureau of Statistics showed that aluminum production from January to February increased by 15.
6% or 740,000 tons year-on-year to 5.
49 million tons; Russian customs data released on Monday showed that the country's exports of non-ferrous metals rose slightly in January from a year earlier, with aluminum exports totaling 237,300 tons, compared with 234,600 tons
a year earlier.

Due to the recent continuous increase in inventories in major consumption places, spot continued weakness, and the current price difference in the late delivery month may widen again, aluminum prices may continue to be under pressure in the near future, but cost support is still there
.
On the plate, Shanghai aluminum still has strong support at the 13,500 line, and the short-term continuation of weak shocks but limited room for continued adjustment
.