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On Thursday, the Shanghai aluminum main 1806 contract rebounded to 14470 yuan after a slight correction after the morning open, and the price fell again in the afternoon, closing at 14405 yuan, down 15 yuan, or 0.
10%.
Index holdings decreased by 4,758 lots to 745,000 lots, and trading volume shrank to 408,000 lots
.
Externally, the LME aluminum March contract opened slightly higher at $2241.
5 in the morning, after which the price fell back to $2211 and maintained a narrow range of volatility, and finally closed at $2226, down $8.
5, or 0.
38%.
In terms of the market, the price quotation of electrolytic aluminum in Shanghai Nonferrous Metals Trading Center was 14360-14400 yuan / ton, down 40 yuan / ton from the previous trading day, the spot discount was reported to B30-B70 yuan / ton, the shippers were not smooth during the day, affected by the reduction of VAT next month, the spot monthly ticket price continued to report premium, the market as a whole was mainly shipped, the source of the monthly ticket was still favored, and the overall trading situation was general
.
In terms of news:
1.
With the easing of Trump's sanctions on Rusal, Rusal's shipments have increased, and the global aluminum industry is slowly recovering, and mining companies such as Rio Tinto and Liberty House Group may resume trading with Rusal in a few months, which will help ease the industry's concerns
about the imbalance of the global aluminum supply chain.
RUSAL's mines in Ireland will be able to continue to guarantee supplies to European aluminium smelters
.
Glencore, RUSAL's larger aluminum buyer, has revived efforts to buy aluminum from the Russian company after the U.
S.
Treasury Department eased its sanctions stance
.
After weeks of chaos, the aluminum market began to improve
.
With the easing of Trump's sanctions on Rusal, Rusal's shipments have increased, helping to ease the industry's concerns
about the imbalance in the global aluminum supply chain.
Affected by this, aluminum prices basically returned to fundamentals, and the trend of London aluminum was weak
.
The overall domestic inventory pressure is still there, and with the full liberalization of aluminum enterprises, oversupply concerns still exist, which puts greater pressure
on aluminum prices.
On the technical side, the main KDJ dead cross and MACD golden cross of Shanghai aluminum, the short-term price returned below the 60-day moving average, the shock trend repaired the huge gap, the rising pattern went bad, and the operation was mainly
wait-and-see.
