echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Aluminum softening maintained a narrow range of oscillations, and the overall trend was not strong

    Aluminum softening maintained a narrow range of oscillations, and the overall trend was not strong

    • Last Update: 2022-12-18
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Friday, the Shanghai main aluminum 2007 contract jumped low at 12840 yuan / ton in the morning, the first trading stage of the shock fell back to the intraday low of 12730 yuan / ton, the second trading stage began to rebound at a low level all the way, the high touched 12835 yuan / ton, because of the strong resistance of the upper 60-day moving average, aluminum prices are difficult to continue to break through, and then soft to maintain a narrow range, the daily close at 12790 yuan / ton, down 55 yuan / ton, down 0.
    43%.

    Period aluminum

    In terms of the external market, Lun aluminum opened at 1520.
    5 US dollars / ton in the morning, the opening did not continue the previous day's sharp rise posture, the overall trend of the day showed a shock sinking trajectory, and in the European market to explore the low of 1503 US dollars / ton, giving up all the previous day's gains, as of 18:15 Lun aluminum closed at 1504 US dollars / ton, down 18 US dollars / ton, down 1.
    22%.

    In terms of the market, aluminum range volatility in the early afternoon was dominant
    .
    In the morning, the spot quotation in Shanghai Wuxi area is between 13100-13120 yuan / ton, the morning holder is not optimistic about the future market, the expected market price is high, the shipment is very positive, the quotation is low, the middleman receives the goods hesitantly, the transaction between the two sides is general, the market price after 11:00 is concentrated between 13130-13150 yuan / ton, the premium is maintained between 80-120 yuan / ton before the afternoon, the absolute price is more than 300 yuan / ton from the previous day, and the purchase volume of a large household is not much, Traders are trading
    fairly.
    The enthusiasm of downstream intraday receiving goods has increased, because the aluminum price fell sharply from the previous day and the weekend stock demand, and the willingness to buy goods within the day rebounded
    compared with the previous day.
    The overall transaction in East China was acceptable
    .
    In the late afternoon, aluminum maintained a narrow range of oscillation, individual holders quoted around 13120 yuan / ton, and the premium on the plate was around 80 yuan / ton, and the afternoon market was light and almost no transaction
    .

    The two sessions announced good news related to tax cuts and fee reductions within the day, but the colored plate has not yet received a bullish signal, the overall trend of the day is not strong, superimposed aluminum prices face the expectation of weakening the fundamental consumption margin, did not continue to rise during the day, is expected to continue to test the resistance above the 10,000 mark in the evening, pay attention to the change in market trading sentiment and the release
    of related macro news.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.