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On Monday, the main contract of Shanghai aluminum 1908 opened at 13830 yuan / ton
in the morning.
After the opening, the bulls slightly increased their positions in Shanghai aluminum to touch the high of 13855 yuan / ton, and have not yet touched the 5-day moving average
.
Later, with the announcement of the social aluminum ingot inventory, the decline in aluminum ingot inventory decreased, and aluminum prices entered a downward channel
.
The low level of the long-flat short into the aluminum price touched 13720 yuan / ton, and the bears took profits at the end of the session, and the aluminum price fluctuated to close at 13750 yuan / ton, located below
all moving averages.
In terms of external disk, Lun aluminum opened at 1799 US dollars / ton
in the morning.
During the Asian session, the low after the opening touched 1796 US dollars / ton and quickly rebounded, the shock ran the afternoon high crossed the 5-day moving average to touch 1810 US dollars / ton, after entering the European session, Lun aluminum continued to refresh the strong high to 1810.
5 US dollars / ton, and then around the 5-day moving average near the range oscillation, as of 17:26 Lun aluminum reported 1807.
5 US dollars / ton
.
Compared with the clearer weakening demand of Shanghai aluminum, overseas aluminum consumption has not weakened significantly, coupled with the recent increase in US interest rate cut expectations, the trend of London aluminum is significantly stronger than Shanghai aluminum
.
In terms of the market, aluminum opened high and low in the month
.
Shanghai spot trading price is between 13730-13750 yuan / ton, the current month plate paste 10-liter 10 yuan / ton, compared with last Friday's price fell around 50 yuan / ton, Wuxi spot trading price between 13740-13760 yuan / ton, Hangzhou spot price between 13770-13790 yuan / ton
.
Intraday cargo holders shipped actively, due to the price fall, the middleman had a certain replenishment at the low price, and the overall transaction was better
.
However, the downstream did not show obvious willingness to receive goods on Monday, basically purchasing on demand, traders all reported that downstream consumption showed signs of weakening, and the attitude towards the near-term downstream consumption expectations was pessimistic
.
The overall intraday transaction is average
.
In the late afternoon, aluminum maintained a narrow range of fluctuations, Shanghai transaction price between 13730-13750 yuan / ton, the opposite plate premium maintained around 10 yuan / ton, Wuxi price between 13740-13760 yuan / ton, only a small number of transactions between traders, almost nothing
downstream.
Short-term aluminum prices are still relatively weak, mainly because the third quarter is the traditional off-season of aluminum downstream consumption, and the narrowing of social aluminum ingot inventory is a perfect reflection of market expectations, and the weakening of aluminum prices is still expected
.
Aluminum prices are expected to remain weak and volatile, waiting for further verification
of market consumption expectations.
