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On Tuesday, the main 1707 contract of Shanghai aluminum opened lower in the morning, and fell below the 14,000 yuan integer mark, after which the price fluctuated in a narrow range, the lowest fell to 13,955 yuan, and the aluminum price plunged again in the afternoon, once falling to 13,890 yuan, and then rebounded slightly at the end of the day, closing at 13,965 yuan, up 45 yuan, or 0.
32%.
In terms of external trading, the LME aluminum March contract opened low at $1906, and since then the price has fluctuated, the highest rose to $1907, the lowest fell to $1903.
5, the morning volatility was weak, the price fell again in the afternoon, once fell to $1897, the price fluctuated slightly at the end of the day, and the Asian market closed at $1902, down $6, or -0.
31%.
In terms of news, Citigroup, based on data from China Development Bank, estimated that about US$900 billion of projects already underway or in the specific planning stage of the "Belt and Road" are expected to generate about 120 million tons of crude steel, 1.
5 million tons of copper and 4.
5 million tons of aluminum respectively in the medium term
.
This effectively stimulates aluminum prices, and China's strict and continuous environmental standards make the aluminum market significantly supported
.
In terms of the market, the mainstream trading hours of the spot market trading hours are general, after the delivery period, the high level of aluminum will fall, and the willingness of holders to ship is still positive, but downstream due to bearish and reduced orders, the willingness to receive goods is flat, and the wait-and-see attitude is strong
.
In the morning, Shanghai aluminum bulls gradually reduced their positions, and the aluminum price also fell below the 14,000 yuan integer mark, but the performance throughout the day is still strong, the resistance to falls is better, and the short-term will test the 5-day moving average of 13,900 yuan support, continue to pay attention to whether 14,000 yuan can effectively break through
.
It is expected that the current price difference will return to the discount state, and the quotation may rise to the level
of 13900 yuan / ton.
