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Aluminum market review, Shanghai aluminum main 1905 contract opened at 13600 yuan / ton
on Wednesday.
After the opening, it maintained a narrow range around the 5-day moving average, and touched 13600 yuan / ton
at a high level.
Subsequently, the bears increased their positions, and some of the long positions chased high in the early stage closed and left the market, and the Shanghai aluminum shock downward pierced the 20/40 daily moving average below, closing at 13505 yuan / ton
at the end of the session.
Nanchu South China aluminum ingot quotation 13660-13760 yuan, the average price of 13710 yuan, up 30 yuan, the discount of the month 30 yuan, the absolute price is relatively high, downstream fear of heights, receiving sentiment is weak, traders dump goods as the mainstream, poor transactions
.
The mainstream transaction price is concentrated in the range of 13680-13700 yuan, which is a premium of -30~0 yuan
compared with the average price of South China Reserve.
The quotation of South Reserve East China aluminum ingots was 13680-13720 yuan, and the average price was 13700 yuan, unchanged
.
The basis narrowed, traders were profitable to ship actively, the market was very abundant, coupled with the decline in futures, the spot trading price continued to decrease, and the overall transaction was acceptable
.
The transaction price is between 13670-13700 yuan, which is a premium of -30~0 yuan
compared with the average price of South Reserve East China.
During the two sessions, due to the problem of reducing the determination of VAT, the confidence of the bulls was insufficient, and the long positions in the early chasing were closed and exited, resulting in a slight decline in aluminum prices
.
In addition, the cost downward movement, and the recovery of downstream consumption is still expected, except for the decline in VAT, aluminum prices have not yet shown a clear direction
.
Continue to pay attention to the two sessions and pay attention to downstream consumption stimulus policies
.
Shanghai Aluminum is expected to try to repair some of the decline.
