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On Tuesday, the main 1706 contract of Shanghai aluminum rushed above 13,800 yuan after the morning open, and fluctuated in a narrow range at the high, but helplessly under pressure to go down to around 13,710 yuan to start a shock, the price once rose to 13,825 yuan above the red market in the afternoon, and the aluminum price fell slightly lower at the end of the day, closing at 13,790 yuan, down 30 yuan, down -0.
22%.
In terms of external trading, the LME aluminum March contract fell again, opening high at the highest price of $1904 during the day, and then fluctuated in a narrow range, repeatedly hitting the opening price after failure, the price fell to $1895.
5, and the price rebounded slightly to above $1900 in the afternoon, but the price was still under pressure in the afternoon, and continued to fall to the closing period, the lowest to $1890, and closed at $1890.
5, down $9.
5, or -0.
5%.
In terms of the market, the mainstream trading hours of the spot market continue to remain active, but the supply and demand sides are slightly different, the early holders continue to sell at a high price, B20 yuan / ton at a high price, but the downstream demand is limited after receiving goods at a low price in the near future, the holders then lower the premium shipment, the transaction slightly improved, the price stabilized in the afternoon, the middleman inquired positively, and the willingness to receive goods at low prices was strong
.
Fundamentally, social stocks continued to increase by 37,000 tons to 1.
246 million tons, the trend of increasing aluminum market inventories has not changed, and the supply-side reform has not landed, making the aluminum market feel more pressure on the recent decline, in addition, the overall bulk market atmosphere is poor, making the aluminum market face greater risks
.
Technically, the main KDJ dead fork of Shanghai aluminum entered the oversold area, but in the bottom-building stage, the MACD dead fork opened downward, stood on the first half of the line within the day, temporarily stabilized, and paid attention to the support
at 13,600 yuan.
Due to the imminent delivery, it is expected that the current price spread will continue to narrow or remain in a premium state, and the quotation may rise to around
the 13700 yuan / ton level.
