Aluminum prices may continue to adjust in the short term

In the external market, the LME aluminum March contract opened slightly lower, and then fluctuated higher to $1934.
5, after which the price fluctuated in a narrow range at a high level, and the price plunged sharply in the afternoon, falling to a minimum of $1919.
5 before the closing time of the Asian market, and fluctuated at a low level, and the Asian market closed at $1922.
5, down $8.
5, or -0.
44%.

In terms of the market, the mainstream trading hours of the spot market trading hours are general, the market supply increases, in the early stage, some holders actively adjust the price of shipments, low-price transactions are acceptable, in the later period with the decline of the futures, traders hope to receive goods at a large discount, but shipments are few, trading back into a stalemate
.

In terms of news, China's June PPI data growth rate stopped the decline, of which the growth rate of the non-ferrous metal processing industry turned from falling to rising, driving Shanghai aluminum to open directly high in the morning, in the afternoon in the case of high failure before thread impact, most metal varieties directly dived, but the expectation of supply-side reform in the aluminum market is still there, market rumors may reduce production, bulls continue to maintain positions on the sidelines, supporting the high operation
of Shanghai aluminum.

On the technical side, Shanghai aluminum main KDJ dead cross, MACD golden cross, the price fell below the 5-day moving average, short-term or will continue to maintain the adjustment trend, but the lower average dense support, pay attention to the 14,000 yuan integer mark support strength, quotation or maintain above 13,900 yuan / ton
.