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On Wednesday, the main 1707 contract of Shanghai aluminum pulled back from the overnight high, all the way down, a small rebound repeatedly blocked, fell to a flat market near 13955 yuan before noon, and then aluminum prices rebounded slightly, stabilized in a narrow range, and closed at 13985 yuan, up 30 yuan, or 0.
21%.
Index holdings increased by 10,420 lots to 635,000 lots, and trading volume shrank to 258,000 lots
.
In terms of the external market, the LME aluminum March contract opened low and went low, opened low at $1943.
5, slightly rushed up to $1946.
5 after the open, and then fell under pressure and volatility to go lower, and there was no bull resistance on the way down, the lowest fell to $1933.
5, and the Asian market rebounded slightly before the close, closing at $1936, down $14, or -0.
72%.
In terms of the market, the mainstream trading hours of the spot market are generally traded, the recent heavy rain in Shanghai, transportation is inconvenient, the supply of goods is tight, the discount was once narrowed, Shanghai aluminum rushed back down in the morning, so that the downstream still has a fear of heights, mainly to bargain hunting small receipts, but the extent of concessions from cargo holders is limited
.
After prices stabilized in the afternoon, procurement demand increased
slightly.
In terms of news, import and export data show that China's bauxite imports in April soared, increasing pressure on domestic supply, which was mainly due to environmental protection reviews leading to the shutdown of bauxite mining in many places, but overnight in the zinc market driven by the favorable drive, the aluminum market once soared, but within the day by the black trend weak, the price fell throughout the day, showing that the recent aluminum price trend and the fundamental correlation is weak, capital following the trend has become the main factor
guiding the market.
The supply-side reform has been speculating for a long time without substantial benefit, and the position has been greatly reduced, indicating that the funds have become impatient, and beware of falling
in the near future.
On the technical side, the main KDJ dead cross of Shanghai aluminum, the pullback pressure appeared, the MACD golden cross but the strength is weak, and the 5-day moving average of 13900 yuan support continued to test the day, but the current price is suppressed by the neckline, and there is downward momentum
in the short term.
It is expected that the current price difference will continue to maintain a large discount, and the quotation may fall to around
13700 yuan / ton.
