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On Monday, the main 1707 contract of Shanghai aluminum fluctuated after pulling up, the morning opening price slightly lowered to 13840 yuan, after the narrow range of the price suddenly pulled sharply to 14025 yuan, after which the price fell slightly at the high, and fluctuated in a narrow range above 13950 yuan, the price continued to fluctuate in the afternoon, and the aluminum price once rose to the morning high before the close, but it was difficult to break through under pressure, closing at 13985 yuan, up 155 yuan, or 1.
12%.
In the external market, the LME aluminum March contract price shock slightly lower to a minimum of $1884.
5 after the open, after which the price rebounded, and once rose to $1892, the price rose again in the afternoon, rushed to $1901 and then pulled back slightly, closing at $1898.
5, down $12.
5, or 0.
66%.
On the macro front, China's weak manufacturing and trade data caused investor concerns, but the aluminum market remained strong, fluctuating sideways at a low level, the center of gravity shifted upward, the current Beijing held the Belt and Road Summit, the market stability signs are obvious, the morning market generally opened high to boost today's metal rebound
.
In addition, the US CPI and retail sales for April released on Friday evening fell short of market expectations, and the US dollar index came under pressure to support base metal prices
.
In terms of the market, the mainstream trading hours of the spot market are generally traded during the trading period, entering the delivery period, the spread between the current month and the far month futures narrows, and the holders maintain the premium price shipment, and the willingness is strong
.
Downstream returned from the weekend and remained on the sidelines of price increases, and trading was not as good as last week
.
Prices remained high in the afternoon, making the overall transaction relatively weak, and the enthusiasm for downstream receiving goods was also suppressed
.
On the technical side, the main KDJ gold cross of Shanghai aluminum diverged upward, MACD dead cross and green column attenuation, continued to stand on the first half of the line, but subject to the 60-day moving average, short-term multiple downward tests show that the support below 13600 yuan is strong, pay attention to whether 14000 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.
