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On Thursday, the Shanghai aluminum 1708 contract opened at 13790 yuan / ton in the morning, the aluminum price at the beginning of the session around 13780 yuan / ton a narrow range, and then the bears took the initiative to leave the market, aluminum prices slowly rising, the thread quickly pulled up before the afternoon to boost market sentiment, Shanghai aluminum also rose rapidly, the afternoon high touched 13870 yuan / ton, but was sniped head-on by the bears, the Shanghai aluminum high fell, and the end of the session long and short alternately left the market to close at 13825 yuan / ton
.
It is expected to continue to test the 5-day moving average in the short term, and the probability range of Shanghai aluminum fluctuates at 13790~13900 yuan / ton
.
In terms of external trading, Lun aluminum opened at 1903.
5 US dollars / ton in the morning, after the opening of Lun aluminum trading center steadily up, at the 5-day moving average suffered strong resistance, Asian afternoon Lun aluminum broke through the resistance to touch 1917 US dollars / ton, and then fell back to the daily average of 1915.
5 US dollars / ton a narrow range of shock, as of 17:11, Lun aluminum reported 1917 US dollars / ton
.
At present, the moving averages above Lun aluminum tend to form strong resistance, and it may be difficult for Lun aluminum to form an effective breakthrough
.
On the news front, oil prices tumbled 5 percent to a one-month low on Wednesday after the U.
S.
reported an unexpected increase in crude and gasoline inventories last week, fueling concerns that
production cuts by major oil producers would do little to reduce global oversupply.
Gold retreated from near seven-month highs on Wednesday as the dollar rose and the written testimony submitted to the U.
S.
Senate by former FBI Director Comey was deemed no surprise, although gold's decline was limited due to uncertainty in the British election
.
The euro weakened against the dollar on Wednesday, trading choppy
ahead of the European Central Bank's monetary policy statement and the UK election on Thursday.
In terms of the market, the center of gravity of aluminum rose steadily that month, touching 13715 yuan / ton
.
Shanghai transaction concentration is 13630-13640 yuan / ton, the discount for the month is 80-50 yuan / ton, Wuxi transaction concentration is 13620-13640 yuan / ton, Hangzhou transaction concentration is 13620-13630 yuan / ton
.
Holders stable shipments, aluminum stabilized upward, at the end of the day there were some traders reluctant to sell bullish phenomenon, quotations could not rise, spot discount slightly expanded, downstream enterprises willingness to receive goods slightly increased, spot prices and discounts stable so that the activity of middlemen remained low, the overall transaction was slightly better
than the previous day.
During the day, the main 1708 contract of Shanghai aluminum fluctuated slightly, the tail market 13750 aluminum price will continue to fall in the short term, 14000 is the main pressure in the medium term, short-term 13500 support, short orders appropriate take profit, rebound and short, maintain short thinking
.
