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On Wednesday, the Shanghai aluminum main 1806 contract rebounded to 14470 yuan after a slight correction after the morning open, and the price fell again in the afternoon, closing at 14405 yuan, down 15 yuan, or 0.
10%.
Index holdings decreased by 14,898 lots to 750,000 lots, and trading volume shrank to 460,000 lots
.
In the external market, the LME aluminum March contract opened slightly higher at $2229.
5 in the morning, after which the price fell under pressure and finally closed at $2193, down $18.
5, or 0.
84%.
In terms of the market, the price of electrolytic aluminum in Shanghai Nonferrous Metals Trading Center was quoted at 14400-14440 yuan / ton, down 80 yuan / ton from the previous trading day, the spot discount was reported to B40-B80 yuan / ton, after the sharp decline in aluminum prices, the holders raised prices, affected by the reduction of value-added tax next month, the spot monthly ticket price continued to report premium, the market willingness to receive goods fell compared with the previous day, the overall shipment was the mainstay, the source of monthly tickets was still favored, and the overall trading situation of the market was average
.
Market News:
Norwegian aluminium producer Norsk Hydro may not meet its 2018 cost-cutting targets because its troubled Brazilian project is still operating
at lower capacity after a leak at one of its Brazilian smelters in February.
Iran is expected to start a new aluminum smelter early next year, which will help increase the country's aluminum production by 70%, allowing it to achieve aluminum self-sufficiency by tapping into abundant natural gas reserves
.
In terms of news, Goldman Sachs issued a research report that the US Treasury Department postponed the implementation of sanctions against Rusal until October 23, and stated that it would not punish non-US companies that had transactions with RUSAL or its subsidiaries, while clarifying that RUSAL was under pressure from sanctions because the target of sanctions Oberja controlled RUSAL, and the US government had no intention of targeting the employees
of RUSAL and its subsidiaries.
Affected by this, aluminum prices basically returned to fundamentals
.
The overall domestic inventory pressure is still there, and with the full liberalization of aluminum enterprises, oversupply concerns still exist, which puts greater pressure
on aluminum prices.
On the technical side, the main KDJ dead cross and MACD golden cross of Shanghai aluminum, the short-term price returned below the 60-day moving average, the shock trend repaired the huge gap, the rising pattern went bad, and the operation was mainly
wait-and-see.
