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On Wednesday morning, the main contract of Shanghai aluminum opened at 16285 yuan / ton, after the opening of the long liquidation-based, aluminum price passive downward initial test 10-day line support touched 16090 yuan / ton, low short take profit closed, Shanghai aluminum volume stopped falling, then aluminum price shock upward revision of the early decline, the afternoon weak shock below the daily average, difficult to continue to rebound, closed at 16210 yuan / ton, temporarily held the 10-day moving average, the volume increased to 457530 lots, the position decreased by 16298 hands to 338614 lots, long liquidation
。 As the plunge in the black series dragged down market sentiment, metals except nickel and lead, which have strong fundamentals, recorded different declines, and Shanghai aluminum paid attention to the continued effectiveness of the 10-day support in the evening, and it is expected that some of the intraday
declines may be repaired.
In terms of the external market, Lun aluminum opened at 2080.
5 US dollars / ton in the morning, Lun aluminum weak shock during the Asian session, continued to test the 5-day moving average of 2072 US dollars / ton first-line support, into the European trading session Lun aluminum volume accelerated downward, pierced the 10-day moving average low touched 2056.
5 US dollars / ton, then the 10-day line support first appeared, Lun aluminum low rose to repair the decline in the European trading session, the dollar fell, pushing Lun aluminum to rise, as of 17:53 Lun aluminum reported 2073 US dollars / ton, It is expected that in the evening, Lun aluminum may try to recover the 5-day moving average
.
In terms of the market, aluminum futures were dragged down by ferrous metals in the month and then stopped falling and began to rebound
.
Shanghai transaction concentration 15900-15920 yuan / ton, the month discount 190-140 yuan / ton, Wuxi transaction concentration 15900-15920 yuan / ton, Hangzhou transaction concentration 15930-15950 yuan / ton, spot discount narrowed, holders shipped actively, spot price fell below 16000 yuan / ton, some middlemen are willing to receive goods positively, downstream enterprises moderate bargain bargain purchase, the overall transaction is acceptable
.
In the late afternoon, aluminum fluctuated in a narrow range that month, and the trading price in East China was concentrated at 15940-15950 yuan / ton
.
In terms of news, Guangdong Foshan aluminum prices continue to run at a high level in recent days, and the momentum of further surge is lacking, aluminum manufacturers are more cautious in purchasing, in the absence of real consumption, the current aluminum inventory continues to increase, currently about 340,000 tons
.
However, the market is still optimistic about supply-side reform
.
The industry said that short-term aluminum prices or high pullbacks release risks, but in the long run, supply-side reform is expected to make it possible that the later production reduction will be gradually implemented, and the reduction in inventory will support aluminum prices
.
Overall, the sharp correction of the black series has brought certain downward pressure
to Shanghai aluminum.
However, under the effect of the news, there is not much room for short-term Shanghai aluminum to continue to decline, but it may need to wait for the opportunity to rise again in the range of more than 16,500 yuan, and there is a tight phenomenon in the capital near the end of the month, and it is expected that the short-term will enter a pattern of range
shocks.
