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On the first trading day after the holiday, the main monthly 1804 contract of Shanghai aluminum opened at 14275 yuan, the intraday high was 14280 yuan, the low was 14030 yuan, and the end of the day closed at 14125, and the aluminum price fell 145 yuan / ton
from the previous trading day.
Externally, London aluminum inventories continued to increase to a more than five-month high, indicating weak market demand, the optimistic outlook for the US economy boosted the dollar index higher, intraday London aluminum fell sharply, and the support below focused on $
2100.
In terms of the market, the spot trading price of Yangtze River was 13670-13710 yuan / ton, down 340 yuan / ton; Guangdong South Reserve reported 13790-13890 yuan / ton, down 260 yuan / ton; Hua reported 13790-13810 yuan / ton, down 310 yuan / ton; The average domestic spot trading price is between
13690-13730 yuan / ton.
Intraday aluminum fell sharply, the willingness of holders to ship is not strong, the market circulation is limited, the middleman actively receives the goods but it is difficult to find the source, and the market transaction is
acceptable.
Market News:
1.
The Trump administration, which intends to impose heavy taxes on imported steel and aluminum products and impose import restrictions such as quotas
, may fall into a situation of internal and external difficulties and self-defeating.
2.
The U.
S.
Department of Commerce recommends an aluminum import tariff of 7.
7%, but imposes a 23.
6% import tariff
on aluminum from Russia, China, Hong Kong, Venezuela and Vietnam.
For countries other than those listed above, a quota system
is applied.
In terms of news, during the Spring Festival, domestic aluminum inventories increased by nearly 2 million tons, the US Department of Commerce has decided on the anti-dumping plan for aluminum products imports, and it is still facing a lot of pressure on domestic aluminum prices, the tide of resumption of work after the holiday has not yet arrived, aluminum ingot inventory will still accumulate, and the cost may face further weakening after the end of the heating season, short-term aluminum prices will still be under pressure
.
From the perspective of futures, the main MACD dead cross and KDJ dead cross of Shanghai aluminum fell below the previous low again, and the short-term trend is still not optimistic
.
