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Overnight Shanghai aluminum main contract opened at 14410 yuan / ton, the beginning of the session aluminum price around the daily moving average narrow range, the trend is relatively light, about 0 o'clock in the LME restriction of the news of Rusal aluminum price increase upward touch 14475 yuan / ton, closed at 14455 yuan / ton, Shanghai aluminum index holdings increased by 19,000 lots to 803,000 lots, long positions increased, and the Shanghai-London ratio also fell from 7 before the Qingming Festival to around 6.
5, which shows that Shanghai aluminum and rising momentum is really limited, short-term in the external market driven by Shanghai aluminum can still maintain a strong position, medium-term fundamentals still have some pressure
.
In terms of spot, the Guangdong market transaction is concentrated at 14240~14260 yuan / ton, and the price difference between Guangdong and Shanghai remains around
50 yuan / ton.
Aluminum ingot spot holders in Guangdong are actively shipped, and the market has abundant circulating supplies, but the market believes that the local network price is high, so the willingness of middlemen and downstream to receive goods is not high, and a small amount of procurement is maintained on demand, and the overall transaction is relatively light
.
The fall of the dollar overnight coupled with the reduction of the risk of trade wars led to continued the strength of non-ferrous metals
.
Overnight, Lun aluminum soared again, closing 3 long white lines in a row, Shanghai aluminum rushed back to the back after the daily high, and continued to rise
sharply at night.
Shanghai aluminum increased its position to the upside, breaking through the 60-day moving average
strongly.
Short-term continuation of the strong trend, focus on the pressure situation
around 14500 above.
