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On Monday morning, the main force of Shanghai aluminum opened high at 14285 yuan / ton, the early days of the bulls concentrated on the entry to push up aluminum prices, Shanghai aluminum straight line rose once touched 14995 yuan / ton, high short more profit-taking, bears took advantage of the situation to sell, aluminum prices fell back to 14685 yuan / ton a narrow range of finishing, afternoon empty into more flat, Shanghai aluminum trading center steadily moved down to give up the morning gains, and finally closed at 14485 yuan / ton
。 The fall of Shanghai aluminum rush shows that the funds for the current foreseeable capacity reduction strength is quite different, but Shanghai aluminum has got rid of the early operating range, short-term expected profit factors have not yet been fermented, bull momentum still exists, Shanghai aluminum or based on 14500 yuan / ton continue to try to rise
.
In terms of news, over the weekend, the People's Government of Changji Prefecture, Xinjiang, decided to stop the construction of electrolytic aluminum production capacity projects under construction by three enterprises in Changji Prefecture in violation of regulations, namely the 800,000-ton electrolytic aluminum project under construction by Xinjiang Dongfang Hope Nonferrous Metals Co.
, Ltd.
, the 800,000-ton electrolytic aluminum project under construction by Xinjiang Qiya Aluminum Power Co.
, Ltd.
, and the 400,000-ton electrolytic aluminum project
under construction by Xinjiang Jiarun Resources Holdings Co.
, Ltd.
China is the world's largest producer of aluminum, accounting for more than
half of global production.
Boosted by this news, aluminum prices fluctuated higher
.
In terms of the market, on the last trading day of the month, Changji stopped the announcement of illegal production capacity, and the aluminum futures soared into the sky before noon of the month, recording a high of 14605 yuan / ton, and then fell back to 14500 yuan / ton around the shock
.
Shanghai transaction concentration is 14400-14420 yuan / ton, the discount for the month is 120-100 yuan / ton, Wuxi transaction concentration is 14390-14410 yuan / ton, Hangzhou transaction concentration is 14420-14430 yuan / ton
.
Spot prices soared 500 yuan / ton, holders shipped to maintain stability, some traders were bullish on the market, appropriate replenishment, returned from the weekend, the wind and clouds suddenly changed, downstream enterprises were caught off guard, it was difficult to accept such a high price, coupled with today's last trading day, downstream chose to wait and see, the overall transaction showed wait-and-see suppressed
.
In the late afternoon, aluminum diving pullback, holders followed the price adjustment, and the transaction price was concentrated at 14280-14290 yuan / ton
.
At present, the spot supply of aluminum is still in a slight surplus state, but it may gradually turn into a tight balance or even a small shortage throughout the year, and the spot price is expected to gradually rise
as the inventory is gradually digested.
Futures prices rise sharply due to expected speculation, or fluctuate sharply due to spot traction, which may form a long-term slow bull trend
.
