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On Monday, the main contract of Shanghai aluminum 1912 opened at 14,000 yuan / ton
in the morning.
After the opening, bulls quickly fled, especially after the release of inventory data, Shanghai aluminum once fell to near
the 10-day moving average.
The latter part of the short profit liquidation, Shanghai aluminum price stopped falling, oscillating below the 5-day moving average, after the bulls fled the rate is not reduced, especially the end of the session large order escape, Shanghai aluminum closed at 13895 yuan / ton of the 60-day moving average, but also became the intraday low
.
In terms of external disk, Lun aluminum opened at 1809.
5 US dollars / ton
in the morning.
During the Asian session, Lun aluminum with the 5-day moving average as the central range of weak shock, near the end of the Asian market continued to decline, as of 15:00 Lun aluminum was reported at 1803 US dollars / ton
.
During the European session, Lun aluminum continued to maintain weak shocks, the center of gravity continued to decline, the low touched 1798.
5 US dollars / ton, as of 16:59, Lun aluminum reported 1804.
5 US dollars / ton
.
With the cancellation of Sino-US tariffs reversed again, Lun Aluminum rushed back down and returned to the $1,800 / ton integer mark
.
At present, it is mainly for bulls to leave the market safe-haven, and the short-term market is still mainly disturbed by macro events, and it is expected that Lun Aluminum will test the $1800/ton mark support
.
In the spot market, aluminum fell back before noon in the month
.
Shanghai and Wuxi spot reported 14030-14050 yuan / ton, down nearly 140 yuan / ton from the previous day, the opposite surface discount 110-100 yuan / ton, the price of nearby deliverable brand aluminum ingots is around 14130 yuan / ton, the opposite plate is basically maintained around 70 yuan / ton, and the spot price in Hangzhou is between
14040-14060 yuan / ton.
The price of aluminum fell back, and the willingness of holders to ship increased, but the receiver tended to buy at a low price, and the trading performance of the two sides was deadlocked, and the actual transaction was average
.
Downstream manufacturers basically maintain on-demand procurement, and the willingness to replenish on Monday is not obvious
.
In the late afternoon, aluminum maintained a narrow range of fluctuations, market holders quoted between 14040-14050 yuan / ton, 110-120 yuan / ton on the plate, only a small number of transactions between traders, almost no
downstream.
At the macro level, the reversal of the tariff issue in the Sino-US peace talks and the sharp narrowing of the decline in social inventory, risk aversion and weakening fundamentals have caused short-term aluminum prices to peak and fall.
However, it remains to be seen whether the fundamentals weaken as expected, especially in the expectation of a long-term increase in supply, and the resumption of production by electrolytic aluminum companies continues to be delayed
.
Shanghai aluminum is expected to test the 20-day moving average support
below.
