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Aluminum market morning comment: U.
S.
employment data is less than expected, but the market expects a stronger economic stimulus, overnight outer metal mostly strengthened, London Stock Exchange aluminum prices rushed higher and then fell, March aluminum prices closed down 0.
42% to $1760.
5 / ton
.
Shanghai aluminum night trading volatility downward, the main 2009 contract closed below 14530 yuan / ton
.
In the morning, the overall transaction of the spot market was flat, and the enthusiasm of holders to ship was high, but the middlemen received limited goods, and the downstream still purchased
on demand.
The mainstream trading price in Shanghai is around 14,900 yuan / ton, which is about 20 premiums over futures
.
The mainstream transaction price in Guangdong is around 14850 yuan / ton
.
The continuous improvement of the domestic economy has driven aluminum consumption, but the current consumption growth momentum is insufficient, and the supply increase is expected to be strong, and the price pressure is gradually emerging
.
However, as the current inventory is still low, it provides lower support
for aluminum prices.
At present, the pattern of tight spot supply has gradually changed, the future-spot price spread has narrowed, and the contract spread is also expected to be repaired
.
Short-term it is recommended to short the arbitrage operation
of the spread.
