echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > New Chemical Materials > Increased bullish confidence in aluminum maintained range-bound volatility

    Increased bullish confidence in aluminum maintained range-bound volatility

    • Last Update: 2022-12-17
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    On Monday, the main contract of Shanghai aluminum 2001 opened at 13870 yuan / ton
    in the morning.
    Open short increase Shanghai aluminum fell low to touch 13835 yuan / ton, intraday colored layout general standard red, Shanghai aluminum low met long into the market to increase positions, the decline was quickly smoothed, bears were forced to leave the market, Shanghai aluminum rose slightly, breaking through the 10-day moving average barrier
    .
    After the release of inventory data, bulls' confidence increased, Shanghai aluminum around the 60-day moving average oscillation, at the end of the session some bears lack of confidence to leave the market, Shanghai aluminum broke through the 5-day moving average high touched 13960 yuan / ton, closed at 13935 yuan / ton
    .

    Period aluminum

    In terms of external trading, Lun aluminum opened at 1763.
    5 US dollars / ton
    in the morning.
    During the Asian session, the opening Lun aluminum low fell below the 5-day moving average, touched 1760 US dollars / ton and quickly rebounded, and then oscillated
    around the narrow range around the 10-day moving average.
    In the afternoon, the fluctuation of Lun aluminum intensified, and as of 15:00, Lun aluminum was reported at 1762 US dollars / ton
    .
    During the European session, Lun aluminum strengthened, maintaining a volatile operation above the 10-day moving average, and the high once touched 1771 US dollars / ton, as of 17:40, Lun aluminum reported 1766 US dollars / ton
    .

    In the spot market, aluminum futures fluctuated upward before noon of the month
    .
    In the morning, the spot quotation in the Shanghai and Wuxi markets was concentrated between 14050-14070 yuan / ton, the second trading stage transaction price was concentrated between 14070-14080 yuan / ton, and the opposite plate premium was between 30-50 yuan / ton, which was basically the same as last Monday's price, and the spot price transaction in Hangzhou before the afternoon was concentrated between 14080-14090 yuan / ton
    。 With the rise in aluminum prices, some holders are optimistic about the convergence of shipments in the future market, and most of the holders have significantly increased their enthusiasm for shipments at high prices, but the enthusiasm of middlemen receiving goods after 11:00 has declined, and the actual trading is not as good as in the
    morning.
    The downstream receiving is flat and there are no bright spots, and the normal delivery is the mainstay
    .
    In the late afternoon, aluminum maintained range fluctuations, and the holders were still actively shipping, the quotation was around 14070 yuan / ton, and the premium was around 20 yuan / ton, and there were still a small number of transactions between traders, and there was almost no
    downstream.

    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.