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On Monday, the main 1708 contract of Shanghai aluminum opened at 13,870 yuan, after which the price began to fluctuate lower, to 13,700 yuan before the noon close, and the aluminum price fluctuated in a narrow range in the afternoon, and rose slightly at the end of the day, closing at 13,745 yuan, up 10 yuan, or 0.
07%.
Index holdings decreased by 27,598 lots to 590,000 lots, and trading volume decreased to 356,000 lots
.
Externally, the LME aluminum March contract opened at $1908, then edged higher to $1911, after which the price came under pressure and fluctuated lower to $1902, and the narrow range fluctuated before the midday close and continued into the afternoon, and the price plunged to a minimum of $1898 before the Asian market closed, down $10.
5, or -0.
55%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, and the sharp fall on Friday made the spot market once active, but as the aluminum price rebounded, and then weakened again, downstream buyers were hit by confidence in the future market, and the receipt of goods decreased significantly, and the quotation during the morning close trading period Aluminum continued to decline, and the holders actively shipped, the market once quoted a discount of 80 yuan / ton, and the market trading atmosphere was general
.
In terms of news, after the aluminum market overnight short left the market on Friday, the phenomenon of long funds leaving the market this morning was significant, basically giving up the overnight gains, but the current overall market bull atmosphere is stronger, alumina prices continue to rebound still bring some support to aluminum prices, it is expected that the overall aluminum market will run in the short term with weak
shocks.
On the technical side, the main KDJ dead fork of Shanghai aluminum has repeatedly built a bottom at the low, MACD will be a golden cross, the price short-term lower support is strong, but the pressure at 13900 yuan above is greater, and the price will remain range-bound
.
It is expected that the current price spread will continue to narrow, and the quotation may fall to around
13500 yuan / ton.
