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On Tuesday, the main 1708 contract of Shanghai aluminum opened at 13,795 yuan, after which the price began to fluctuate lower to 13,705 yuan, and the aluminum price rose again in the afternoon, but soon dived to 13,700 yuan at the end of the day, and closed at 13,705 yuan, down 60 yuan, down -0.
44%.
Index holdings decreased by 1,334 lots to 589,000 lots, and trading volume decreased to 246,000 lots
.
Externally, the LME aluminum March contract opened at $1890, then edged lower to $1887, after which the price rebounded to $1895 under pressure, and fell slightly before the midday close, down $10.
5, or -0.
55%.
In terms of the market, spot aluminum morning spot trading was 13530-13570 yuan / ton, down 30 yuan / ton from the previous day, and the futures spot price spread slightly widened to C70-C30 yuan / ton
.
The market mainstream trading hours are generally traded, the current spot market is abundant, aluminum prices stabilized slightly within the day, so that holders of shipments positive, but the terminal is mostly wait-and-see, traders shipment pressure, coupled with the weakness of downstream consumption, the overall trading volume of aluminum ingots is not ideal
.
In terms of news, overnight, Alcoa restarted an aluminum smelter to increase aluminum production capacity to curb the rebound of aluminum prices; Non-ferrous metals generally fell sharply during the day, and the performance of the aluminum market was still relatively resistant to other base metals, mainly because the domestic alumina price continued to rebound to bring some support to aluminum prices, but the aluminum market is still facing greater supply pressure, and it is expected that the aluminum market will operate with weak shocks in the short term
.
On the technical side, the main KDJ dead fork of Shanghai aluminum has repeatedly built a bottom at the low, MACD will be a golden cross, the price short-term lower support is strong, but the pressure at 13900 yuan above is greater, and the price will remain range-bound
.
It is expected that the current price spread will continue to narrow, and the quotation may fall to around
13500 yuan / ton.
