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Destocking continues There is still support at the bottom of Shanghai aluminum

 Last Update: 2022-12-18
 Source: Internet
 Author: User

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On the last trading day of April, the main monthly 2006 contract of Shanghai aluminum opened at 12610 yuan / ton, the highest intraday was 12670 yuan / ton, the lowest was 12490 yuan / ton, the settlement was 12560 yuan / ton, and the end closed at 12660 yuan / ton, up 75 yuan
.
Shanghai aluminum turned red and rose near the end of the day, and the scale of electrolytic aluminum production reduction was relatively bearish, but the social inventory of aluminum ingots continued to go to storage, and there was still support
at the bottom of aluminum prices.

Shanghai aluminum

In the external market, Lun aluminum rushed back down, and the LME three-month aluminum was reported at 1504 US dollars / ton at 15:00 Beijing time, unchanged from the settlement price of the previous trading day
.

In terms of the market, the spot trading price of Yangtze River was 12770-12810 yuan / ton, up 20 yuan; Guangdong South Reserve reported 12960-13020 yuan / ton, unchanged; Hua reported 12890-12910 yuan / ton, up 10 yuan
.
The market circulation is limited, the downstream part is stocked, the enthusiasm for receiving goods is not as good as the previous day, and the overall transaction is acceptable
.

Industry highlights: Rusal's Mykolaiv alumina plant in Ukraine may temporarily halt production after Ukrainian customs authorities blocked bauxite supplies
.
The plant relies mainly on importing bauxite and then exporting alumina for use at RUSAL's aluminum smelter in Siberia
.

There is cost support at the current price of Shanghai aluminum (below 12500), but the demand side is poor, considering the last trading day before the holiday, the stock demand is over, the market tends to be cautious, it is not recommended to chase long
.
Shanghai aluminum upper pressure 60-day moving average 12700, lower support 20-day moving average 11800
.

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