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Overnight Shanghai aluminum 1804 contract opened at 14335 yuan / ton, the beginning of the short inertia entry pressure aluminum price down to touch 14250 yuan / ton, but then the 5-day moving average showed certain technical support characteristics, short kill short market led by Shanghai aluminum steady rebound slightly touched 14370 yuan / ton, during the period there is no lack of bulls actively try to enter the market to chase up, but because there is no clear bullish logic, so aluminum prices continue to have limited upward momentum, the shock closed at 14345 yuan / ton, The Shanghai aluminum index position decreased by 3580 lots to 816324 lots
.
The recent bearish destruction and decay trend is suspended, the medium term is expected that there is not much space below the aluminum price, today's Shanghai aluminum 1804 contract will continue to fluctuate between the 5/10 daily moving average, the operating range is 14260~14460 yuan / ton, and the spot discount remains 130~90 yuan / ton
.
In terms of the market, on the same day, the spot price of SMM A00# aluminum was 14090 yuan / ton, up 20 yuan / ton from the previous day, and the discount was 110 yuan / ton compared with the near-month contract.
The willingness of middlemen to inquire and receive goods has increased, downstream enterprises have entered the end of stocking, and the overall transaction has picked up slightly, mainly from the contribution of
traders.
Shanghai aluminum has a certain counter-draw at the bottom, and the night session returned to the strong range, but the rebound was weak
.
At present, approaching the Spring Festival, the performance of demand tends to be flat, the weakness of non-ferrous metals also makes investors continue to leave the market, it is expected that the short-term rebound of Shanghai aluminum is still weak, but the support of 14,000 yuan we believe will still be relatively solid
.
