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This week's Shanghai aluminum index narrow fluctuations, the beginning of the week opening trend is weak, Tuesday the price once fell to 13765 yuan, then from the low level, and all narrow range shock higher to 14065 yuan, Friday aluminum price wide volatility, intraday long position reduction caused the price to fall to 13865 yuan, before the close, narrowed the decline
.
The week closed at 13,990 yuan, up 25 yuan, or 0.
18%.
Index holdings increased by 24,086 contracts to 509,000
.
This week, LME March aluminum bottomed out, Monday price once fell to $1855.
5, then bottomed out, closed with a doji, Tuesday price continued to touch the weekly low, then sharply pulled up the closing white line, Wednesday, Thursday are rushing to $1917.
5, Friday high price narrow range
.
By the time of writing, it closed at $1930, up $47.
5, or 2.
55%
for the week.
In terms of the market, due to the factors at the end of the quarter and the arrival of the off-season, the overall trading situation is general, and the downstream on-demand receiving is the mainstay
.
Aluminum fell on Friday morning, the willingness of the holders to ship is not reduced, and the quotation continues to make profits, but within the month and the last trading day of the first half of the year, the afternoon downstream is busy with settlement and counting funds, and there are few goods, coupled with the decline in aluminum to affect the confidence of receiving goods, the downstream has a wait-and-see mentality, and the market transaction is relatively light
.
In terms of news, the Ministry of Industry and Information Technology meeting did not have a significant production reduction target, so that the supply-side favorable role and failed to support Shanghai aluminum to break through the 14,000 yuan mark, aluminum prices in the overnight high sideways is difficult to break through, with the national aluminum ingot inventory rose again, bulls have left the market in the morning, bears took the opportunity to exert force, dragged Shanghai aluminum fell below the 13,900 yuan line, but the tail black is active again to make aluminum prices rebound
again.
From a technical point of view, Zhou K upper Shanghai aluminum stabilized above the 20-week moving average, the lower support is more effective, KDJ is about to cross gold, MACD continues to be a dead cross
.
On the daily K, MACD double golden cross, KDJ gold cross high pullback, pressure at 14,000 yuan is large, short-term or near the half-year line oscillation
.
